The newest research by A.T.Kearney published on October 18th, 2013, showed that 2% Chinese consumed one third of global luxury brands, including cosmetics, private jet, jewelry, watch and designer bags.
The research pointed out China would be even more important to luxury industry in 3 or 5 years later. Famous brands like LV and GUCCI entered Chinese market first, now, one third of their sales were from China. Quite a large number of Chinese purchased GUCCI hand bags in Paris and BVLGARI bracelets in Manhattan.Many luxury retailers supported Unionpay Credit card, and began to train their staff speaking Chinese.
However, worries of Chinese luxury consumers were growing. One report from Credit Suisse revealed Chinese rich people increasing rate slowed down, there were only 90,000 new millionaires in 2012. This was only 5% of 1.7 million new millionaires in the U.S., far behind the number of which in Germany and France.
Besides, the anti-corruption of new government had a negative influence on luxury consumption. Chinese used to send luxury brands as gifts to government officials to gain preferences. Since some websites exposed the officials who wore luxury watches, government began arresting corrupted officials and merchants. The growth of luxury brands consumption in China slowed down therefore.
According to a HSBC report, luxury watches consumption would remain stable in China. Besides, gold purchasing growing rate slowed down in Summer and Autumn.