The "unusual" prosperity of the luxury goods market in Lanzhou has been noted. According to a customer service representative from a top luxury shopping platform, the installment payment sales model has attracted a large portion of young consumer groups. Since the introduction of this model, sales performance has been increasing year by year.
With the growing penetration of luxury goods in the consumer market, merchants have introduced installment payment options, greatly satisfying the needs of some middle-income consumers in Lanzhou who have a preference for luxury goods. The youthfulness of the luxury consumer demographic is becoming a characteristic of Lanzhou. The main consumer group for luxury goods in Lanzhou consists of private enterprise owners, university professors, and the wealthy second generation. An insider in the luxury sales industry in Lanzhou mentioned that over the past few years, this group has become younger, with ages concentrated between 28 and 30.
The consumer demographic is getting younger, and installment payments are helping white-collar workers fulfill their "luxury dreams." The trend of luxury consumption in Lanzhou is increasingly segmented. Xiao Chen, who works for a certain unit in Lanzhou, recently set her sights on two Gucci bags, one priced at 7980 yuan and the other at 7200 yuan. Although the prices are somewhat burdensome, she chose to purchase the 7980 yuan bag through installment payments.
Following the establishment of international first-tier brands such as Lancôme, Givenchy, and Boss in Lanzhou, the Cartier brand store is also under renovation, drawing increasing attention to Lanzhou's luxury market.
Recently, a global luxury market report jointly released by the internationally renowned consulting firm Bain & Company and the Italian Luxury Producers Association showed that last year, luxury sales in the U.S. market increased by 12%, while luxury sales in mainland China grew by 30%. If the purchasing power of Chinese consumers overseas is taken into account, China has become the second-largest luxury consumption country after the United States.
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