China’s millennials are triggering a luxury-goods market boom
20%
Sales for high-priced designer goods raked in 142 billion yuan ($22.07 billion) in China last year, marking a 20% jump from 2016.
Published | Photo by Reuters/Stringer
Top-shelf brands like Chanel, Gucci, LVMH, and Burberry are benefitting from the sudden uptick in spending.
Out of the 262 billion euros ($308 billion) spent on luxury goods globally, China contributed 32%, mostly in women’s clothing, accessories, and cosmetics.
