Home / Knowledge / News / Apparel/Garments / Chinese consumers lap up luxury goods
Chinese consumers lap up luxury goods
07
Feb '12
Chinese consumers put a stamp on their buying power for luxury goods during the Chinese Spring Festival which concluded recently.

Data released by the World Luxury Association reveals that Chinese people's overseas spending on luxury goods totaled US $7.2 billion during Chinese Spring Festival, up 28.57 percent from a year earlier.

This is also higher than the $5.7 billion expected before the Spring Festival, creating a record high.

During the Spring Festivals of 2011 and 2010, Chinese people spent $5.6 billion and $4.9 billion respectively, on luxury goods outside China.

The Association believes that Chinese people have become one of the consumer groups that have the strongest overseas purchasing power on luxury goods during holidays.

During the Dragon Spring Festival, total sales of European luxury goods increased by 12 percent compared with 2011 Spring Festival.

During the festival period, Chinese consumers accounted for 62 percent of the total sales of European luxury market.

In North American market, Chinese spending on luxury goods accounted for nearly 33 percent.

In Hong Kong, Macao and Taiwan markets, the consumption share of Chinese consumers on luxury goods was even larger at 69 percent.

The Association monitored luxury consumption in China from January 1 to February 1, 2012 and found that total luxury consumption in China reached US $1.75 billion, mainly concentrated in Beijing and Shanghai.

Of the $7.2 billion spent on luxury goods outside China, 46 percent of this was spent in Europe, 19 percent in North America and 35 percent in Hong Kong, Macao and Taiwan.

The Chinese consumers mainly bought clothing, fashion goods, watches, leather goods and cosmetics and perfumes.

Fibre2fashion News Desk - China

Must ReadView All

Textiles | On 10th Dec 2016

India’s 2016-17 cotton import to touch 17 lakh bales

The import of cotton from international markets by spinning mills in...

Textiles | On 10th Dec 2016

US textile & apparel imports fall 6.50% in Jan-Oct ’16

The import of textiles and apparel by United States dropped 6.50 per...

Textiles | On 10th Dec 2016

Indian textile hubs adopt cashless payment modes

The textile ministry is promoting cashless payment within the...

Interviews View All

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search