China's metrosexual men revive luxury shopping
HONG KONG/MACAU (REUTERS) - Let's hear it for the boys. China's fashion-forward men are snapping up Gucci and Burberry bags, driving a rebound in the luxury market months after a slow down in spending by the world's biggest luxury goods buyers spooked global investors.
Men account for about 55 per cent of China's luxury goods market, well above the global average of 40 per cent, according to research from brokerage CLSA, partly because businessmen often buy expensive gifts to curry favour with government officials or potential associates.
Companies such as Burberry Group Plc which sell luxe clothing and accessories benefit from this gift-giving culture, and wealthy Chinese men's penchant for designer wear.
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.