Interviews
China remains world's largest luxury goods market
09 Apr '16
2 min read
Despite global headwinds and its own economic slowdown, China continues to be the largest segment of the world's luxury market.
According to a Xinhua report, China looks likely to continue to make up for the weaker demand elsewhere.
Chinese shoppers currently account for nearly half of the global luxury market, providing an invaluable demand to brands in every segment. Data from Fortune Character Institute, a Shanghai-based luxury research consultancy, show China's luxury spending in 2015 rose 9 per cent, year on year to $16.8 billion.
Observers say that educated, well-traveled and tech-savvy younger generation shoppers are emerging as the new target market.
"The Chinese customer is becoming a lot more global," said Andrew Keith, President of Lane Crawford, the high-end fashion retailer headquartered in Hong Kong. "There's a real thirst for newness."
They also find that Chinese consumers are shifting from visibly branded goods to a focus on quality.
"Our research found that 39 per cent of wealthy Chinese think the logo is no longer the priority," said Dr. Tina Zhou of the Fortune Character Institute. "Now they buy luxury goods for their own enjoyment. Niche high-end brands as well as bespoke products, as a result, are becoming new drivers of luxury consumption."
Keith said women's wear is the fastest-growing portion of the company's mainland China business, accounting for 50 per cent of sales. (SH)
According to a Xinhua report, China looks likely to continue to make up for the weaker demand elsewhere.
Chinese shoppers currently account for nearly half of the global luxury market, providing an invaluable demand to brands in every segment. Data from Fortune Character Institute, a Shanghai-based luxury research consultancy, show China's luxury spending in 2015 rose 9 per cent, year on year to $16.8 billion.
Observers say that educated, well-traveled and tech-savvy younger generation shoppers are emerging as the new target market.
"The Chinese customer is becoming a lot more global," said Andrew Keith, President of Lane Crawford, the high-end fashion retailer headquartered in Hong Kong. "There's a real thirst for newness."
They also find that Chinese consumers are shifting from visibly branded goods to a focus on quality.
"Our research found that 39 per cent of wealthy Chinese think the logo is no longer the priority," said Dr. Tina Zhou of the Fortune Character Institute. "Now they buy luxury goods for their own enjoyment. Niche high-end brands as well as bespoke products, as a result, are becoming new drivers of luxury consumption."
Keith said women's wear is the fastest-growing portion of the company's mainland China business, accounting for 50 per cent of sales. (SH)
Fibre2Fashion News Desk – India
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