The Chinese are coming, the Chinese are coming. No, they came and conquered. According to Bloomberg, the Chinese have surpassed Americans and are now the largest buyers of luxury goods.
This comes as no surprise as Chinese it-girls have been spotted at major fashion shows especially in Paris, and flagships seem to pop up over night in China. According to The Independent, Vogue China sells more than British, French, Italian, and German Vogue combined. If that wasn’t any indication that they were making moves I don’t know what is.
According to Bloomberg, the Chinese makeup 25% of luxury sales. The US makes up 20% following by the Japanese at 14%. China’s domestic luxury sales were about $17 billion.
But there is a twist, Chinese aren’t necessarily spending on home soil according to Fashionista. Why would they when they could get as much as 40% off by buying products abroad. So, now major brands will have to adjust their marketing strategy to adapt, if they haven’t done so already.