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  "documentTitle": "A New Generation of Chinese Consumers Reshaping the Luxury Market",
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      "text": "1. Chanel\n2. Dior\n3. Hermès\n4. Louis Vuitton\n5. Burberry\n6. Versace\n7. Giorgio Armani\n8. Prada\n9. Gucci\n10. Montblanc",
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      "text": "The prestigious reputation of European luxury brands stimulates a strong demand in among the status-oriented Chinese consumers. Companies with an important brand image, thanks to their history or famous stars wearing it, will be more popular in the country. Chinese luxury consumers wearing popular luxury brands will increase their social status. Still, some Chinese luxury brands try to become prestigious. For instance, Shang Xia was created in 2008 by Jiang Qiong Er and was bought by Hermès in 2010. The luxury brand is independent and focuses on the Chinese traditional style in its product. So far, Chinese buyers are not that interested in the brand because it is not well-known worldwide, but it takes time to create a solid brand image.",
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      "text": "European luxury brands come first",
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      "text": "According to McKinsey, the total consumption of luxury goods by people aged 19 to 30 in China increased from 45% in 2016 to 50% in 2020. Moreover, over the next six to seven years, 70% of the increase in luxury goods will be in China. By 2024, Chinese luxury consumers will account for 40% of global luxury consumption, up from 32% in 2017. Millennials have undergone big changes in their consumer habits, they have become the main consuming group of luxury brands.",
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      "text": "Source: Agility & Research 2016 reports – Top 10 luxury brands in China",
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