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Chinese market melting pot for luxury brands
12
Mar '10
Consumers queing outside a Louis Vuitton store
Consumers queing outside a Louis Vuitton store
China is clearly the magic melting pot favored by world's top luxury brands in the post-financial crisis period, as more than half of Chinese consumers did not reduce purchases of luxury goods during the economic downturn in 2009.

The financial crisis has generally shrunk demand for luxury brands in Europe and the United States, but Chinese luxury market is expected to get better in 2010, then it was in the previous year, one of the worst years, in the history of economics.

Sales of articles of luxury in China is expected to cross US $10 billion in 2009 and now accounts for 25 percent of global luxury good sales and has also in the process surpassed US, to become the second biggest market in the world, next only to Japan.

In 2004, China's total consumption of luxury goods was only US $2 billion and as per a PricewaterhouseCoopers report, has the potential to overtake Japan as the biggest buyer of luxury items, worldwide in the next 3-4 years.

Income levels of the Chinese consumer has gone up vastly in the last few years and apart from the domestic market, Chinese tourists traveling abroad are also turning out to be the biggest buyers of luxury goods.

In the UK, Chinese consumer spending in three commercial and high-end streets; Bond Street, Oxford Street and Regent Street increased 127 percent in October 2009, when compared with the previous month and rose 21 percent y-o-y.

Recent data from French Tourist Bureau reveals that every Chinese tourist from the mainland visiting France spends about US $3000 on an average, while the average spending of European and American visitors to France is just around $1000.

High-end luxury goods retailers in Europe like Prada, Gucci, Chanel, etc are recruiting Chinese speaking staff in order to cater to the increasing influx of high-spending Chinese tourists to their stores.

Fibre2fashion News Desk - India

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