China’s luxury consumers get their information online
Sunday 22 May 2011
As the buying power of China's masses continues to spiral upwards, more and more information is being gathered focusing not only on what they like to spend their money on but how they go about spending it.
This week it has been the turn of the international audit and advisory services firm KPMG ( http://www.kpmg.com/cn/en) to release its report into the spending habits of mainland Chinese - and it found that 70 percent of the country's consumers of luxury brands search the internet each month before making their purchases. What's more, 30 percent claimed they searched online for information on luxury items each week.
But, surprisingly, just five percent of those polled said they were actually interested in making a purchase over the internet. Worries over authenticity, payment security and after-sales service were cited as reasons for the low number interested in purchasing online.
China's buying power has become big news and, obviously, big businesses over the past decade with a recent report from WHO CLSA claiming that "Greater China" (which includes Hong Kong, Macau and Taiwan) will by 2020 account for 44 percent of all luxury good solds in the world each year.
China is currently the world's second largest market for luxury goods, behind the United States and in front of Japan, and accounts for 11.5 billion euros in sales per year.
And it seems that more and more, Chinese consumers know exactly what it is they want to buy. KPMG's poll found that respondents were able to recognize immediately almost twice the number of luxury brands than when they last held their survey three years ago.
French, Italian and Hong Kong brands were the top choices among Chinese consumers - with France's fashion and cosmetic lines, Italy's footwear and Hong Kong's jewelry being most sought-after.
The three top reasons those polled gave for purchasing luxury items were to reward themselves, to mark an important occasion and to "pamper'' themselves.
KPMG surveyed 1,200 middle-class Chinese from the country's first and second-tier cities for their poll.
Life & Style blogs
Planes go hybrid-electric in important step to greener flight
Victoria Beckham's clothing sales double to £30 million in one year
'Tis the season!: Google celebrates Christmas Eve with second animated Doodle
Christmas 2014: Jesus was not born in a stable, says theologian
UK's first plus-size fashion magazine Slink hits the shelves: 'Style doesn't stop at size 8'
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Panic Saturday: 13 million Britons spend £1.2bn – while 13 million others across the country live in poverty unable to afford food
- 1 Planes go hybrid-electric in important step to greener flight
- 2 Christmas comes early to Hong Kong, as millions of bank notes spill out onto busy street
£20000 - £35000 per annum: Recruitment Genius: This full service social media ...
£24000 - £35000 per annum: Recruitment Genius: We are 'Changemakers in retail'...
Very Competitive: Austen Lloyd: Senior Conveyancer - South West We are see...
Excellent Salary: Austen Lloyd: DORSET MARKET TOWN - SENIOR PROPERTY SOLICITOR...