A pedestrian walks past a fashion boutique of Prada in Chongqing on Feb 27, 2016. (Photo: IC)

According to a recent report by the global consulting firm McKinsey, the post-1980s generations in China accounted for around 71 percent of the country's luxury goods purchases.

In 2018, Chinese people spent 770 billion yuan ($114 billion) on luxury goods.

Despite the popularity of online shopping, the report says that over 90 percent of the consumers of luxury goods bought them from brick-and-mortar stores in high-end shopping malls.

When contemplating their purchases, these young shoppers are not only thinking about the brand, but also the in-store experience and the availability of promotions.

As for how these consumers are paying for their high-end products, statistics by Bain & Company show that nearly 60 percent of the Chinese buyers aged 23 to 38 rely on money from their parents.

Consumers from China accounted for 33 percent of global luxury goods purchases in 2019, up from just 1 percent in the 2000. Spending by China's luxury shoppers may reach 1.2 trillion yuan ($180 billion) by 2025, according to Bain & Company.