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Chinese consumers opting for memories

Wealthy consumers in China are increasingly seeking out memorable experiences over luxury goods in a premium market that has now hit USD1.4 trillion a year, according to the latest survey.

Spending on top-end safaris and other intangibles now accounts for 55 percent of all luxury spending – USD770 billion – as consumers choose to splurge on memories over handbags or watches, according to the Lux Reduxe report by Boston Consulting Group and research firm Ipsos.

The world’s younger affluent consumers are those most likely to choose kite-surfing over Cartier, as people born after 1980 are more likely to define themselves by what they’ve done rather than what they have acquired.

(Source: Shanghai Daily )