By  on April 15, 2019

LONDON — Luxury brands play an important role in helping China’s rising post-Nineties middle class’s desire to “become a better self,” according to a report by the New York-based global advertising, marketing, and public relations agency Ogilvy.

In the next six to seven years, 70 percent of luxury growth will come from China. Chinese luxury consumers will account for 40 percent of global luxury purchases by value, equivalent to 162 billion euros, or 1.266 trillion renminbi, in 2024, up from 32 percent in 2017. Two-thirds, or 68 percent, of luxury consumers will be aged 18 to 30, or born after the Nineties, said in the report, titled “Making luxury brands matter to the new generation of Chinese middle-class consumers.”

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