Consumer Insights

McKinsey | China to account for 40 percent of world’s luxury spending by 2025

McKinsey | China to account for 40 percent of world’s luxury spending by 2025

Global management consulting firm McKinsey & Company’s Apparel, Fashion and Luxury Group have released its latest report: “China Luxury Report 2019 : How young Chinese consumers are reshaping global luxury.” The report reveals that Chinese consumers are set to account for more than half of global growth in luxury spending to 2025, powered by a young generation for whom luxury is a form of social capital…