Chinese consumers accounted for 21 percent of the global luxury goods market in 2016, making the country the second largest luxury market in the world. The revelation was published in the 2017 White Paper on China’s Luxury E-commerce Market, which has been jointly issued by secoo.com, Tencent and Deloitte, China News Service reports.
Although the majority of luxury goods purchases by Chinese citizens took place in overseas bricks-and-mortar stores, online channels promise more growth potential, the paper noted. In 2016, online luxury sales in China saw an annual growth of 12 percent, while physical stores reported a rise of just two percent.
The joint research also shows that online shoppers searching for luxury goods in China now tend to be younger, with nearly half of them aged under 30.
Noticeably, the southwestern province of Sichuan surpassed Shanghai to rank third in terms of buying luxury goods online. Beijing and Guangdong Province took the top two spots.