China set to become leading luxury consumer

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As its population and development increase, China will soon overtake Japan as the world’s largest consumer of luxury goods.  This year’s World Luxury Association’s survey shows China with a 27% global market share on luxury items (excluding cars, yachts, and jets) to Japan’s 29%.  But after this year’s crippling earthquake, sales in Japan have plummeted just as stores are opening in shopping districts across all of China.

China already dwarfs the US’ 14% market share and Europe’s 18%, and the Chinese spend more overseas than any other nationality. $50 billion was spent in Europe alone last year by Chinese shoppers, so many luxury retailers are leaving Japan for the emerging Chinese market.  70% of surveyed brands plan on shifting focus to China in the coming year, increasingly in second- and third-tier cities since they have already conquered the shopping capitals.

 

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Reading Time: 1 minute

As its population and development increase, China will soon overtake Japan as the world’s largest consumer of luxury goods.  This year’s World Luxury Association’s survey shows China with a 27% global market share on luxury items (excluding cars, yachts, and jets) to Japan’s 29%.  But after this year’s crippling earthquake, sales in Japan have plummeted just as stores are opening in shopping districts across all of China.

Reading Time: 1 minute

As its population and development increase, China will soon overtake Japan as the world’s largest consumer of luxury goods.  This year’s World Luxury Association’s survey shows China with a 27% global market share on luxury items (excluding cars, yachts, and jets) to Japan’s 29%.  But after this year’s crippling earthquake, sales in Japan have plummeted just as stores are opening in shopping districts across all of China.

China already dwarfs the US’ 14% market share and Europe’s 18%, and the Chinese spend more overseas than any other nationality. $50 billion was spent in Europe alone last year by Chinese shoppers, so many luxury retailers are leaving Japan for the emerging Chinese market.  70% of surveyed brands plan on shifting focus to China in the coming year, increasingly in second- and third-tier cities since they have already conquered the shopping capitals.

 

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