Consumption upgrade powering demand for luxury goods

Chinese consumers are expected to contribute 41 percent to the global luxury goods market by 2025, up 8 percentage points from last year, as more young consumers are willing to pay for exclusive products amid the country's consumption upgrading and digital marketing boom, experts said.

The Chinese luxury goods market grew by 6 percent to surpass 110 billion euros ($122 billion) in 2018.About 48 percent of consumers were younger than 30, according to a recent report from Boston Consulting Group.

Luxury goods mainly include bags, shoes, clothes, jewelry, watches and accessories such as glasses, scarves and hats. The average annual growth rate of the luxury goods market in the country is expected to remain at 5 to 6 percent by 2025, it said.