China Will Drive 70 Percent of Luxury Growth, Ogilvy Says
LONDON — In the next six to seven years, 70 percent of luxury growth will come from China, according to a report by the New York-based global advertising, marketing, and public relations agency Ogilvy. Chinese luxury consumers will account for 40 percent of global luxury purchases by value, equivalent to 162 billion euros, or 1.266 trillion renminbi, in 2024, up from 32 percent in 2017. Two-thirds, or 68 percent, of luxury consumers will be aged 18 to 30, or born after the Nineties, according to the report, titled “Making luxury brands matter to the new generation of Chinese middle-class consumers.” The report is based on research the company conducted between July and October 2018, analyzing these young consumers’ values. It also said the generation born between 1990 and 1999, which makes up 12 percent of the Chinese population, grew up in a more open and wealthier China, with digital accessibility as a given. Many of them are single children and focused on personal needs and self-expression more than any previous generation. Generally speaking, their aim is to “become a better self,” and luxury brands play an important role in helping them realize that goal. According to the research, there are six elements to “becoming a
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