Millennials lead rapid growth in personal luxury goods sales

China's millennial generation has brought strong momentum to the country's luxury personal goods consumption, which grew by 20 percent in 2017.

"Chinese millennials have helped to accelerate luxury spending here, particularly in the last year," said Bruno Lannes, partner in Bain Greater China office, at the launch of the 2017 China Luxury Report, which Lannes authored, on Wednesday.

According to the report, Chinese spending on personal luxury goods had experienced three years of deceleration until the third quarter of 2016, when it staged a comeback. In 2017, the domestic market outgrew overseas purchases and achieved 20 percent growth.