The new year in China began with ominous notes being sounded about the future of its luxury sector. A number of analysts issued gloomy projections of a slowdown in demand for luxury goods, which have already impacted share prices for a number of luxury houses.
But are these worries reflected in Chinese luxury goods buyers’ own thinking? Are luxury consumers themselves looking to relax their wallets?
In Agility Research & Strategy’s 2019 Affluent Insights study, fielded in November of 2018, we asked over 1,000 affluent Chinese consumers (from households earning at least 400,000 RMB or 59,000 USD a year), including over 300 US dollar millionaires, about how they are looking to spend their money, their time, and their outlook for the next year compared with the last 12 months. The overall picture that emerges is one of an affluent Chinese consumer who remains upbeat across a wide range of metrics.