Chinese consumers account for 1/3 of global luxury spending

"Sales of luxury goods in China are skyrocketing — up around 20 percent from 2016 — in its sharpest growth since 2011, as Chinese millennials seek products like handbags and cosmetics, Reuters reported.
Within China, sales of brands from Gucci to Chanel, which have been sluggish for years, rose at the fastest pace in five years in 2016 and are positioned to consolidate those gains in 2018. Sales of luxury goods in China reached 142 billion yuan ($22.07 billion) in 2016 in a 20 percent increase from the prior year, Bain & Co said in a report on Wednesday.
As the biggest spenders of luxury products in the world, Chinese consumers made up 32 percent of the €262 billion spent in the global market last year, fueling sales at France’s LVMH, Burberry and Gucci owner Kering. 2017 saw a global recovery of the luxury retail market due to their affinity for high-end brands.
Capitalizing on the trend, French fashion retailer Louis Vuitton, part of LVMH, launched an eCommerce website in China in 2017. Louis Vuitton, which opened its first store in Beijing in 1992, offers items from leather goods to shoes on its website."

Source:  PYMNTS, 18th January 2018