31 Mar '16, 9am

50pc of Chinese consumers seek best, most expensive product: McKinsey

Chinese affluence Chinese consumers are becoming more selective in their purchases, trading up from mass to premium labels as their confidence grows. A new McKinsey report, “The Modernization of the Chinese Consumer,” found that a significant portion of the population would raise their spending on apparel, travel, personal care and other services if their incomes grew. Representing positive news for international companies, the preferred premium brands in categories such as cars, skincare and fashion remain foreign brands. “The premiumization trend is even more relevant for the premium segment rather than the luxury spend (driven by the middle-class rather than the ultra-rich),” said Daniel Zipser, partner at McKinsey & Co. and co-author of the report. “So, the question for the luxury players is how to offer a premium product, which is accessible and allows trade-up for th...

Full article: http://www.luxurydaily.com/50pc-of-chinese-consumers-seek...

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