Home / Knowledge / News / Fashion / China remains world's largest luxury goods market
China remains world's largest luxury goods market
09
Apr '16
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)

Fibre2Fashion News Desk – India

Must ReadView All

Apparel/Garments | On 28th Apr 2017

Continue existing Duty Drawback, ROSL scheme post GST: TEA

Tiruppur Exporters' Association (TEA) has made requisitions to...

Apparel/Garments | On 28th Apr 2017

Deckers Brands starts review of strategic alternatives

Deckers Brands, a global leader in designing, marketing and...

Courtesy: AAFA

Fashion | On 28th Apr 2017

Andrew Rosen, Stuart Vevers among AAFA awardees

Andrew Rosen, founder and CEO of Theory, Stuart Vevers of Coach, Nick ...

Interviews View All

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kerem Durdag
Biovation II LLC

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

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Jay Ramrakhiani
Occasions Elegance Wear

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

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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

news category


Related Categories:
April 2017

April 2017

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

SUBSCRIBE


Browse Our Archives

GO


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



X