Bain & Company, in collaboration with the Italian luxury goods industry association Fondazione Altagamma, released the 24th edition of its global luxury market study, titled “Finding a New Longevity for Luxury.”

Chinese consumers are shifting from “product consumption” to “experiential consumption,” with a growing willingness to spend domestically.

Despite the complex macroeconomic environment, luxury consumption has remained remarkably stable due to consumers’ strong desire for exceptional living experiences.

According to the report, Chinese high-spending consumers exhibit a willingness to spend that is 50% higher than the global average.