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China displaces Japan as second largest luxury market
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

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