(ECNS) - A report by Boston Consulting Group (BCG) said Chinese millennial consumers are now the main spenders in the luxury market, Xinhua reported.
The study jointly organized by Chinese Internet giant Tencent and BCG showed the compound annual growth rate in the Chinese luxury market will reach 6 percent by 2024 and that Chinese consumers will represent 40 percent of global sales and 75 percent of growth.
It added Chinese millennials stand out for their new consumption habits and choices, such as increasingly diversified ways to gather information, shop and make payments. In addition to physical stores, Chinese consumers enjoy the choices of purchasing from abroad and through online stores as well as WeChat and other social media.
Tencent said its Big Data platform tracked 1.8 million potential Chinese luxury consumers, of which 2,620 consumers participated the survey.
BCG said companies should focus on building a digital strategy as innovative digital tools empower enterprises in marketing, online and offline conversion, and user experience.