In 2020, the proportion of ROPO path will account for 62% of luxury product sales in China; and, "online only" will increase from 11% to 30%.
China's luxury consumers under the age of 30 increased from 48% to 50%, and the contribution of expenditure increased from 42% to 47%, according to a joint research by BCG and Tencent.
So far, luxury consumption in China are concentrated in more developed cities. Consumption in the top 50 cities accounts for about 75%, up 10% compared with that in 2019.
The penetration rate of luxury consumer goods has been improved as a whole. Among them, the penetration rate of jewelry/watches/bags increased by about 6% compared with that in 2019. The research also found:
90% of Chinese consumers can accept localized products and marketing, and ...
Already subscribed? Sign in.
Don't Miss Out.
Invest with as little as one bottle of water per week.
Join other top analysts and business executives and navigate the unique market with China Internet Watch.
Cancel at any time