Mainland's affluent young consumers set to drive spending on designer brands and luxury products

China's affluent upper-middle-income people, especially young consumers, present a promising prospect for the world's designer brands and they are set to be the driving force of global spending on high-end shoes, bags, fashion, jewelry, and watches.

By 2026, Chinese luxury spending is expected to double to 1.2 trillion yuan ($173.6 billion), accounting for almost two-thirds of global growth in luxury spending, a new luxury report by consulting firm McKinsey & Co said.

"China's young luxury consumers are more interested in aspiration than heritage, making it imperative for brands to modernize their stories and deliver them through digital channels," said Luan Lan, partner and leader of McKinsey's apparel, fashion, and luxury group in China.