Men take 55% of China's luxury retail market
For decades, women have been the bigger spenders in luxury retail globally... But in China, shopping is a man's world. According to research firm CLSA, men account for about 55 percent of China's luxury goods market, well above the global average of 40 percent... Grace Brown has more on China's masculine spending surge.
Contrary to popular stereotypes that women shop more than men, Chinese men are snapping up more luxury items than Chinese women. According to Bain, Chinese men spent 7 billion yuan, or $1.1 billion on luxury goods in 2010 -- compared to just 2.8 billion yuan spent by women. China’s male consumers are also out-spending them in multiple categories. Vinay Dixit, a Senior Expert at McKinsey's Asia Consumer Center, says Chinese men spent on average 61 percent more than Chinese women on fragrances and 52 percent more on watches. While President of Coach Retail International, Victor Luis, says men make up 45 percent of the $1.2 billion luxury bag market in China... Compared to just 7 percent in the United States.
Luckas Lee, PR Manager, said, "Every weekend, I spend at least one day shopping. I want to see what's new in store. Today, I'm wearing a Burberry raincoat, which is great in the rain or wind. I also love D&G an Lanvin. Every month, I spend on average about 5,000 yuan shopping. I think because these days, Chinese men love beautiful things more."
