coming years though the brands are also required to come up with new ideas and approaches for keeping them interested with the passage of time .
There are some brands such as Alibaba , which have lately come up with ideas like the Luxury Pavilion , an invite-only platform strictly for top brands that are specific to their T-mall businessto-the-consumer venue , that would obviously appeal more and more Chinese consumers and if such innovations continue to come up as the years roll by , no one can stop the luxury market in the country from mushrooming and reaching heights .
China is a home to some of the most creative digital services and platforms like WeChat and TMall and the consumers here are ardent users of social media wherein about 35 percent of them prepare online content on a daily basis . Chinese luxury consumers are thereby expected to raise their online luxury expenditure from 2017 onwards . Currently , the expenses made by these consumers have seen a positive rise though the change is not very high . Nevertheless , if the luxury brands further plan well as to how they will develop their initiatives ; a seamless experience would definitely be enjoyed by the consumers and it would be highly likely that more luxury sales are conducted online in the years to proceed .
The significance of luxury-goods market in the country is well highlighted through the statistics that follow : The number of Chinese millionaires is forecasted to exceed that of any other nation by the end of 2018 and by 2021 China is foreseen to have the most opulent households in the world . In 2016 itself , it was estimated that around 7.6 million Chinese households bought luxury goods — a number much larger than the total number of households in Malaysia or in the Netherlands , even at that time . When compared with average Chinese consumers , wealthy consumers have reported a much better positive outlook about their future spending : one out of two wealthy consumers anticipates to spend more in 2018 , while only one in four average Chinese consumers plans to spend more .
Reinforced by confident perspective of consumers ; we can expect the wealthy ones to be looking to trade up , either to more expensive brands or to more expensive products from their current brands . As a result , an incremental expenditure from the existing consumers can be expected . Thus by 2025 , it is forecasted that the value of the global luxury-goods market will amplify with about RMB 1.0 trillion being added over the next nine years and the Chinese consumers will persist to account for a majority of this growth , covering near about 44 percent of the total global market . So , the luxury market in China is all set to bolster the growth across the globe as time passes .
Key Topics Covered in the Report : China Luxury Goods Market Research Report