Cosmetics less likely to be cut from Chinese consumers’ luxury budget
As the financial situation takes its toll and consumers cut down on luxury purchases, premium cosmetics are less likely to be cut from the Chinese consumer’s shopping list compared to other luxury items.
According to a new report on China’s luxury market, conducted by Ruder Finn and Ipsos China, more than half of Hong Kong residents plan to spend less on luxury items, with watches most likely to take the hit, and to a lesser degree other luxury goods like apparel and cosmetics.
The report surveyed 2,017 consumers in Greater China (of which around 300 were in Hong Kong, Ruder Finn said) who had purchased luxury items in the past 12 months.
The average annual household income among Hong Kong respondents was 550,000 Hong Kong dollars (US$71,000) while those who were surveyed in China’s largest cities earned 180,000 yuan (US$28,400).
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