Young Wealthy Chinese Favor Luxury Consumption
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MasterCard Worldwide released a report on luxuries market on September 4, 2007, saying that by 2016, young wealthy Chinese might spend $24.6 billion on luxuries, while elder wealthy Chinese might spend $18 billion. Young moneybags in China are usually better educated and have a more open attitude toward consumption than elder ones. Thus they are more willing to spend money. The demand for luxury goods in the entire Asian-Pacific region will grow by 12% every year, and the market for elder people might even witness a 3-digit growth. Most wealthy Chinese are more prone to spend money on luxury items than on luxury service.
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