The Luxury Goods Market in China revolves
around the revenues made via retail sales from retailers who particularly trade
in Luxury Jewellery & Watches, Bags & Accessories, Apparel &
Footwear and Cosmetics & Fragrances. Chinese consumers have been an integral
factor responsible for the progress of this market. In China, the new
generation is very interested in luxury goods since the Chinese middle class
are continuing to evolve and spend accordingly. The Chinese consumers account
for a third of the total customers for this market globally and they have
managed to record a considerable rise in the sales all over the world for
numerous reasons.
The report, “Luxury
Goods in China” provides all the necessary resources for top-line data
and analysis that covers the China luxury goods market. It includes many
variables including market size and segmentation data, textual and graphical
analysis of market growth trends, leading companies and macroeconomic
information. Luxury Goods in China industry profile offers a qualitative and
quantitative summary as well as contains descriptions of the leading players
with proper inclusion of key financial metrics and analysis of competitive
pressures in the market.
The Chinese luxury goods market has come a
long way and has managed to register a compound annual growth rate (CAGR) of
about 4.1% between 2013 and 2017. The jewellery & watches segment has been
the “most lucrative” segment of the market in the year 2017. On a whole, the
luxury goods in China have showcased the fastest growth momentum in retail
current value terms.
The Chinese luxury goods market is able to
record higher profits year after year due to its ever-younger consumer groups,
supported by the proliferating millennial generation because of high birth rate
between 1985 and 1995 in China. Moreover, as the number of middle-class
consumers in China has seen an increase, the producers have endeavored to
further ameliorate their product lines, especially to cater to the younger
consumers, many of whom are well aware of what they want to purchase having a
relatively limited purchasing power.
There is no doubt to the fact that China has
relished success in terms of sales of luxury goods. Categories like fine
wines/champagne and spirits, luxury cars and super premium beauty and personal
care have registered a massive growth in current value terms over the years,
supported by the affirmative factors including- reduced duties on some imported
luxury goods, stable demand for wedding gifts and a stringent policy to crack
down on the grey-market daigou, or personal shoppers overseas. There is a
significantly sophisticated pool of luxury shoppers in China which is expected
to support the luxury goods industry to prosper in the coming years though the
brands are also required to come up with new ideas and approaches for keeping
them interested with the passage of time.
There are some brands such as Alibaba, which
have lately come up with ideas like the Luxury Pavilion, an invite-only
platform strictly for top brands that are specific to their T-mall
business-to-the-consumer venue, that would obviously appeal more and more
Chinese consumers and if such innovations continue to come up as the years roll
by, no one can stop the luxury market in the country from mushrooming and
reaching heights.
China is a home to some of the most creative
digital services and platforms like WeChat and TMall and the consumers here are
ardent users of social media wherein about 35 percent of them prepare online
content on a daily basis. Chinese luxury consumers are thereby expected to
raise their online luxury expenditure from 2017 onwards. Currently, the
expenses made by these consumers have seen a positive rise though the change is
not very high. Nevertheless, if the luxury brands further plan well as to how
they will develop their initiatives; a seamless experience would definitely be
enjoyed by the consumers and it would be highly likely that more luxury sales
are conducted online in the years to proceed.
The significance of luxury-goods market in the
country is well highlighted through the statistics that follow: The number of
Chinese millionaires is forecasted to exceed that of any other nation by the
end of 2018 and by 2021 China is foreseen to have the most opulent households
in the world. In 2016 itself, it was estimated that around 7.6 million Chinese
households bought luxury goods—a number much larger than the total number of
households in Malaysia or in the Netherlands, even at that time. When compared
with average Chinese consumers, wealthy consumers have reported a much better
positive outlook about their future spending: one out of two wealthy consumers
anticipates to spend more in 2018, while only one in four average Chinese
consumers plans to spend more.
Reinforced by confident perspective of
consumers; we can expect the wealthy ones to be looking to trade up, either to
more expensive brands or to more expensive products from their current brands.
As a result, an incremental expenditure from the existing consumers can be
expected. Thus by 2025, it is forecasted that the value of the global
luxury-goods market will amplify with about RMB 1.0 trillion being added over
the next nine years and the Chinese consumers will persist to account for a
majority of this growth, covering near about 44 percent of the total global
market. So, the luxury market in China is all set to bolster the growth across
the globe as time passes.
Key Topics Covered in the Report:
China Luxury Goods Market Research Report
China Luxury Goods Market Size
China Luxury Goods Trade Market
China Luxury Car Market Manufacturers
China Digital Camera Market Analysis
Global Luxury Goods Production Output
China Luxury Wine Market Demand
China Luxury Goods Import Volume
China Luxury Goods Export Volume
China Portable Laptops Market Research
China Luxury Goods Market Future Outlook
China Luxury Goods Market Competition
China Portable Bluetooth Speaker Market
China Smart Phone Market Revenue
China Consumer Electronics Industry Future
Outlook
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Ken Research
Ankur Gupta, Head Marketing &
Communications
0124-4230204
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