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

Textiles | On 18th Aug 2017

Turkey imposes temporary duty on POY from 7 countries

Turkish ministry of economy has announced imposition of provisional...

Textiles | On 18th Aug 2017

GST return filing deadline for transitional credit

For businesses who want to avail the transitional input tax credit...

Apparel/Garments | On 18th Aug 2017

AEPC wants clarity on minimum wages for garment sector

The Apparel Export Promotion Council (AEPC) has urged the Indian...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Silke Brand-Kirsch
Schlegel und Partner

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

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Jay Ramrakhiani
Occasions Elegance Wear

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

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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

August 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
66.7%
No
16.7%
Skip
16.7%

Total Votes: 30

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
43.3%
No
36.7%
Skip
20.0%

Total Votes: 30

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
83.3%
No
6.7%
Skip
10.0%

Total Votes: 30

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
60.0%
No
10.0%
Skip
30.0%

Total Votes: 30


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search