Expected changes of luxury goods spending in the next year in China 2023

Published by
Xin Ou,
Mar 1, 2024
According to a survey on luxury goods purchases in January 2023, around 52 percent of mainland China consumers said that they would spend more on luxury goods in the next 12 months. In comparison, around 10 percent of respondents said they planned on cutting their spending on luxury goods.

Planned changes of spending on luxury goods in the next 12 months in China as of January 2023

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Release date

March 2023

Region

China

Survey time period

December 2, 2022 to January 4, 2023

Number of respondents

2,000 respondents

Special properties

among consumers from mainland China

Method of interview

Online survey

Supplementary notes

Original question: Would you spend more, the same or less on luxury goods in the next 12 months?

The average annual household income among the respondents was 1.4 million yuan. One yuan equals 0.14 U.S. dollars and 0.13 euros (as of June 2023).
The average age of the respondents was 37.2 years.
The survey was conducted among 55 percent female and 45 percent male respondents

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Luxury goods market in ChinaGlobal personal luxury goods industryLuxury marketing in ChinaLuxury watch industryLuxury goods in Europe
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