Chinese Luxury Consumers
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China is the world's largest luxury goods market, spending USD 106 billion in 2014, accounting for 46% of global luxury consumption. The main luxury consumer groups in China are young adults aged 20-35 who value the luxury experience over ownership of products and prefer brands that match their personalities. Key threats to the luxury market in China include anti-corruption measures, simplified visa procedures that encourage overseas travel, and the rise of e-commerce and social media influencing online purchasing behavior. Events remain an important marketing tool, but must now be coupled with effective social media promotion to create buzz and engage existing and new customers.
