Small towns, luxury goods havens - China is experiencing a shift in consumer behavior
China's second-tier cities are becoming the first stop for luxury goods retailers as middle-class consumers seek higher living standards in lower-cost locations.
With luxury spending picking up in places like Nanjing, Changsha and other mid-tier cities, brands like Burberry and Louis Vuitton are seeing performance that points to a recovery in China's battered luxury sector.
“The fact that all of these second-tier cities are now in the top 10 for luxury goods sales speaks volumes,” said Zino Helmlinger, head of China retail for CBRE.
China accounts for about a quarter of luxury goods spending, but sales have been sluggish since the end of the pandemic. These cities are becoming increasingly important for luxury brands as a growing middle class shuns more economically developed first-tier cities like Beijing and Shanghai to take advantage of lower living costs.
The mall, in the Jiangsu provincial capital of 9.5 million, recorded sales of more than 24.5 billion yuan in 2024, compared with 22.2 billion yuan in Beijing SKP, state media said.
Consumer confidence in these cities was concentrated among young and middle-income buyers because living costs are lower and stronger local job security, the analysis shows.
"This really shows that China is experiencing a big shift in consumer behavior and where money is located and spent," Helmlinger said. "In the coming years, we're going to see a lot more second-tier cities rise because spending is going there."
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