China Beat Out USA As Biggest Consumers Of Luxury Goods

China Beat Out USA As Biggest Consumers Of Luxury Goods
Business

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.

Photo Credit: Getty Images

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Ally Batista

Ally is a preppy tomboy who loves all things football and fashion. She's a housewife in training and is known as the highly opinionated, and sometimes rude, first woman of Elite Daily. Be prepared to always be caught off guard.

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