Men now account for more than half of all luxury goods spending in China and brands are taking notice and adjusting their strategies. <\/p>\n
Men account for about 55 percent of China’s luxury goods market, well above the global average of 40 percent, according to research from brokerage CLSA, partly because businessmen often buy expensive gifts to curry favour with government officials or potential associates.<\/p>\n
Companies such as Burberry Group Plc and LVMH which sell luxe clothing and accessories benefit from this gift-giving culture, and wealthy Chinese men’s penchant for designer ware.<\/p>\n
But they are also at risk of big sales swings because men are less likely than women to splurge on discretionary purchases in times of economic uncertainty, CLSA’s research shows.<\/p>\n
\u201cMen are not prone to impulse shopping,\u201d said Mariana Kou, CLSA’s consumer and gaming analyst in Hong Kong. \u201cThey tend to wait a little if the economy is pretty uncertain.\u201d<\/p>\n