Today's New York Times features a story on how millennials are taking over major fashion houses. Vanessa Friedman, the NY Times' fashion editor, quotes some of the eye-popping statistics on China's luxury buyers from our recent report on the subject, led by my colleague @Daniel Zipser. "This is even more crucial when it comes to China, which despite trade wars and political tension, is for many brands still the promised land of future growth, and where millennials are the highest-spending age group. According to McKinsey’s 2019 China Luxury Report, the approximately 10.2 million Chinese millennial luxury consumers are the “driving force of the country’s luxury appetite,” accounting for more than half the total spending on luxury in 2018 — which is to say, more than half of the $115 billion (770 billion RMB) spent at home and abroad. By 2025, Chinese consumers are expected to account for 40 percent of worldwide luxury spending.In the United States, millennials accounted for approximately $200 billion in consumer spending in 2018, according to McKinsey. Ka-ching." https://lnkd.in/fFjNN-A #china #consumer #luxury #luxurymarketing #mckinsey …see more