Home / Knowledge / News / Apparel/Garments / China displaces Japan as second largest luxury market
China displaces Japan as second largest luxury market
18
Dec '12
Greater China, which includes specially administrative regions of Macau and Hong Kong, has overtaken Japan to become the world’s second largest luxury market, next only to the US, according to a latest study.
 
Chinese consumers currently buy about 25 percent of all global luxury goods, states the research report on China’s luxury market, released by Bain & Company, one of the world's leading global business consulting firms, which has presence across six continents.
 
The study also concludes that Chinese citizens have become the world’s largest consumer group of luxury goods, owing to lower Euro exchange rates and an increase in overseas visits by the Chinese people.
 
The report mentions that the luxury goods market in China has grown by seven percent, which is lower than the growth rate witnessed a year earlier.
 
However, the consumption of luxury goods by Chinese consumers in overseas markets has risen by 31 percent year-on-year.
 
The growth of luxury market remains strong in Macau, but the growth rate in Hong Kong has slowed down to about 10 percent year-on-year.
 
The report mentions that sale of luxury goods through Internet is still in its infancy in China, but it is gradually becoming an important marketing channel for brands.
 
Finally, it states that the performance of luxury market will improve in 2013.
 

Fibre2fashion News Desk - China

Must ReadView All

Courtesy: Myntra

Apparel/Garments | On 3rd Dec 2016

Myntra to be EBITA positive by FY18: CEO Narayanan

Myntra is on track to achieve sustainable growth and be EBITA...

Courtesy: India ITME Society

Textiles | On 3rd Dec 2016

India ITME 2016 opens with over 1050 exhibitors

The India International Textile Machinery Exhibition (India ITME)...

Courtesy: Bruckner

Textiles | On 3rd Dec 2016

Indian textile companies opt for Brückner stenter lines

Indian textile firms Laxmipati Sarees, makers of polyester sarees and ...

Interviews View All

Claudia Kersten
Global Organic Textile Standard

‘GOTS is a very efficient supply chain management tool, especially for...

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Kerem Durdag
Biovation II LLC

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

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Tony Ward
Tony Ward

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

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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