By  on October 21, 2019

While China’s wealthy upper middle class is expected to double its spending to 1.2 trillion renminbi by 2025, North American and European brands face challenges, particularly with Asia’s younger shoppers, 50 percent of whom have yet to purchase from luxury brands.

McKinsey & Co.’s April 2019 report, “How Young Chinese Consumers Are Reshaping Global Luxury,” which provided those statistics, suggests that China’s youth movement believes luxury products will lift them up the social ladder, and is primed to spend after the sharpest slowdown in  China’s economy since the Aughts.

To continue reading this article...