Retail in Asia

Chinese luxury shoppers increasingly turning online: KPMG

For Chinese, online shops are quickly evolving from simply a means to get a bargain to somewhere movers and shakers can splash out on pricey clothes and accessories.

According to a study published by auditor KPMG earlier last week, Chinese buyers of luxury items are increasingly favoring online retailers over brick-and-mortar stores, which will account for half of Chinese luxury spending by 2020.

Surveying 10,150 Chinese consumers of luxury goods in 2015, KPMG found that nearly one third of their luxury spending was online.