Chinese customers are expected to contribute to 40 percent of global luxury goods sales and drive 75 percent growth of the global market by 2024, according to a report jointly released by Boston Consulting Group and Tencent on Wednesday.
Currently, 32 percent of global luxury goods sales are created by Chinese customers, the report said.
The report pointed out China's millennials will become main force to buy luxury goods.
Young people aged 18 to 30 will account for 58 percent of luxury goods buyers, and most of these young buyers have a good educational background with an undergraduate degree or above. Female buyers account for 71 percent of this group.
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