Young, rich and ready to spend.
According to a survey by The Boston Consulting Group, young Chinese consumers are emerging as the world's largest luxury market.
The survey, which was conducted at the height of last year's recession, shows that Chinese consumers aged 25 to 35 years of age have not only the desire, but also the cash to buy an increasing number of luxury goods.
The survey shows that not only were most of the luxury goods purchased in China bought-up by this age group, but that the young consumers' incomes are continuing to increase, a trend that is good news for foreign luxury brands.
David Wolf, president of Beijing-based corporate advisory firm, Wolf Group Asia, tells Reuters that Chinese consumers are "adventurous" and "impulsive," adding, "In a world increasingly preoccupied with sustainable consumption, China is the last great bastion of bling, not only luxury but flashy luxury."
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