Though the reports of slowing growth rate in China might have been surfacing of late but if the latest study by consultancy firm Bian & Co. is anything to go by then Chinese consumers are indulging into luxury like never before. The new report claims that Chinese consumers have beaten out Americans to be the top luxury buyers in the world, accounting for 25% of the total global sales, to be followed by Americans at 20% and Japanese totaling up to be 14% of world’s luxury buyers.
The influx of iconic luxury brands in the country comes as a witness of the growing clout of China in luxury market. The report suggested that besides the tendency of Chinese luxury consumers to shop out of mainland, it’s the weaker Euro and reducing growth rate in China that’s driving the buyers to spend 60% of their total resource abroad.
