The high-spending people in China are mostly young people under the age of 35. Yue Zheng, an analyst at PricewaterhouseCoopers, pointed out that China's luxury consumption is obviously different from that of foreign countries: most people who buy luxury goods in China are young people under the age of 35, while in developed countries, the market is dominated by middle-aged and elderly people aged 40-70; Another survey shows that, unlike many people's imagination, the main force of luxury consumption in China must actually include the middle class. Paris Baifuqin Company defines them as: family assets above 300,000, and annual income above 65,438+10,000. It is estimated that by 20 10, this population will increase to 250 million.

The popular theory is that a country's luxury consumption growth should be about twice its GDP growth. Therefore, when faced with their increasing wealth, China people do not hesitate to choose "the symbol of wealth"-luxury goods to show their new economic and social status. Luxury is sometimes a relative concept and more of a psychological need. The changing trend of luxury goods market in China is undergoing some structural changes. In recent years, a large part of luxury goods purchased by mainland residents have been bought in Hong Kong because the prices there are low. An obvious trend is that the average value of a single transaction of Chinese mainland customers is getting higher and higher. Five years ago, they might have bought a $5,000 ring, but this year they bought a $25,000 ring. After China's entry into WTO, China reduced import tariffs and relaxed entry visas for tourists, which had a great influence on the purchasing habits of luxury goods. The price gap between Chinese mainland and Hongkong has narrowed now.

The main consumer groups of luxury goods have changed from "post-50-60 s" to "post-80-90 s", from male-dominated to female-dominated; From the perspective of category structure, luxury goods spread from men's wear and bags to women's wear, jewelry and cosmetics; From the perspective of brand positioning, the original labels of luxury goods such as expensive and durable have turned to fashion attributes, greatly broadening the target customer base. The rise of young female users meets the changes of brand fashion, which is the fundamental reason for the outbreak of the new cycle of luxury goods. The penetration of new users will bring about continuous market expansion.