China’s Luxury Market Can Thank Generation Z for Recovery
China's Generation Z has become a driving force for the luxury goods sector, as many save on rent by living with their parents and are more interested in enjoying life rather than saving for big-ticket items like a home, a new report showed Tuesday.
An online survey of over 5,000 Chinese luxury goods buyers found that half of the Generation Z shoppers — those born after 1995 — spent more than 50,000 yuan ($7,200) on luxury goods in the 12 months through June, according to the report released by London-headquartered international consulting firm OC&C Strategy Consultants.
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