China increases its spending on luxury items – for kids
While much has been made of China's ever-growing appetite for luxury items, a new report suggests that more than ever it is the nation's children who are being pampered with goods from the world's elite brands.
The Hong Kong-based consultancy Albatross Global Solutions claims that 60 percent of a group of 900 Chinese consumers surveyed said they spent more than 3000 yuan (376 euros) per month on luxury items for their children, up from the previous year's 40 percent who had said the same.
And the China Daily newspaper reports that the United States-based consultancy firm Frost & Sullivan has predicted overall spending on products for children in urban China -- regardless of individual wealth -- is set to hit 8000 yuan (1000 euros) per year by the end of 2013, an impressive amount considering the average income in China is currently around 21 800 yuan (2733 euros) per year.
Major brands target expansion as market grows
According to Albatross, the big-selling luxury brands in China were Gucci Kids, Burberry Children, Baby Dior and Armani Junior and -- no surprise here -- the most popular items being bought were clothing and toys.
For its part Gucci in April announced plans to open a string of Gucci Kids stores across mainland China -- at present the company operates one outlet in Hong Kong -- and the first place Baby Dior opened outside of Paris was in Shanghai in 2010.
The China Research Centre for Children's Industry told the Jing Daily that the increase in luxury spending for kids was natural as Chinese parents are known "to transfer their preferences in luxury goods to their children".