The face of the Chinese luxury consumer is getting younger.
The new World Luxury Association (WLA) 2010-2011 report shows the minimum age of China’s luxury consumers has dropped to 25 in 2010 from 35 in 2007.
In the next three to five years, the 25 through 35 age group will be the dominant luxury consumers in China.
The group is not necessarily defined by how they make money, but by how they spend it.
“Chinese consumers tend to base their decisions not on their income or age but on the psychology underlying their consumption habits, that is, they are more susceptible to the influence of competitive consumerism,” reports People’s Daily.
Why? The new generation of single child of their family have a more confident and optimistic attitude towards life. They emphasize quality of life and would spend to achieve personal fulfillment.
“The parents of single children always give them the best of everything and that has helped the young generation develop their sense of individualism and entitlement,” said Kong Shuhong who studies the luxury market in the University of International Business and Economics, “and the prevalence of credit cards has certainly fueled their appetite for luxury.”
photo credit: harper’s bazaar