China Beat Out USA As Biggest Consumers Of Luxury Goods
Bloomberg has just reported that China has surpassed America as the largest buyer of luxury goods. China has been slowly reinventing the way that they shop. Over the past few years, luxury brands have been moving important flagships to China, along with launching new Chinese fashion magazines.
It has even been written that Vogue China sells more copies than British, French, Italian and German Vogue combined. According to Bloomberg, China now accounts for 25% of luxury sales, with the US following at 20%.
Will this affect luxury brands marketing strategies?
Ally | Elite.
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