By Denni Hu
Published Dec 18, 2023
According to data from China Trading Desk, a luxury consulting agency based in Singapore, Chinese Millennials, or those 25- to 40-years-old who can be loosely grouped as the “new middle class,” reached 245 million as of July 2023. This cohort will constitute the majority of luxury consumption in the country.
“We believe that they are more value driven, not money driven despite upcoming headwinds,” explained Subramania Bhatt, China Trading Desk chief executive officer.
“They do not mind spending more money versus buying more cost-effective products,” Bhatt added. “This means brands need very strong messaging for people to buy into your brand, your purpose.”
Luxury players can also look to China’s growing silver hair population to gain new market share.
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