China set to become leading luxury consumer

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China set to become leading luxury consumerAs 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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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,...

Reading Time: 1 minute

China set to become leading luxury consumerAs 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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