China'S Luxury Consumption Will Account For 44% Of The World'S Total In 2020.

Yesterday, KPMG, one of the world's four largest accounting firms, released a report entitled "China luxury experience".

The report points out that the brand awareness of Chinese consumers is rising, and China will become the largest in the world.

The survey shows that Chinese consumers love their favorite products.

In the survey of brand awareness, China's middle class recognized an average of 57 international luxury brands (61 on the first tier cities and 53 in second tier cities).

Chinese consumers' ability to appreciate is significantly improved.

KPMG said that Chinese consumers are warming up their collection of works of art, and their appreciating ability has also been significantly improved. Consumers are no longer buying and possessing luxury goods, but are more appreciative of their connotation and history.

According to the survey, the favorite products of wealthy Chinese consumers include cosmetics, perfume, clothing and handbags in France, shoes in Italy and watches in Switzerland. When choosing alcoholic beverages, they will choose "domestic products".

On the motivation of consumers choosing luxury brands, the proportion of "self reward" is the highest, reaching more than 50%.

In addition, the report points out that a large number of young tycoons have emerged in China, which has led to opportunities for luxury brands in the digital market and online sales.

News extension

China's luxury consumption will account for 44% of the world's total in 2020.

KPMG said that Chinese consumers have a strong preference for brands, and China will soon become the world's largest luxury market in view of the steady progress of China's economy and the emergence of more and more young rich people.

According to the forecast of Lyon securities this year, luxury goods consumption in China, including Hongkong, Macao and Taiwan, will account for 44% of the world's total by 2020.