Chinese shoppers will make up 40% of all luxury consumers by 2030. Gen Z and Gen Alpha luxury spending is expected to grow three times faster than other cohorts. India’s luxury market is forecasted to expand to 3.5 times today’s size by 2030. The global luxury market in 2023 will be more resilient to recession than during the 2009 financial crisis due to a larger consumer base and better balance across regions. All this in the Bain & Co. and Altagamma report, commented by Jing Daily.
Brands must offer best-in-class performance or risk becoming obsolete for Gen Z. @JingDaily recent research findings report: "one in two luxury customers is likely to change their favorite brand in the next two years." @drlanger (Équité Research) estimates that up to 50% of luxury brands existing today will not survive by 2030. A mass exodus of brands is on the horizon. [Will Gen Z Break Up With Your Luxury Brand? – JD]
From local activewear startups to the rise of niche sports, China's ever-changing fitness trends reflect a broad shift in values for Gen Z. [It’s All Working Out for Activewear in China – Jing Daily]
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