Home / Knowledge / News / Apparel/Garments / Chinese consumers lap up luxury goods

Chinese consumers lap up luxury goods

07
Feb '12
Chinese consumers put a stamp on their buying power for luxury goods during the Chinese Spring Festival which concluded recently.

Data released by the World Luxury Association reveals that Chinese people's overseas spending on luxury goods totaled US $7.2 billion during Chinese Spring Festival, up 28.57 percent from a year earlier.

This is also higher than the $5.7 billion expected before the Spring Festival, creating a record high.

During the Spring Festivals of 2011 and 2010, Chinese people spent $5.6 billion and $4.9 billion respectively, on luxury goods outside China.

The Association believes that Chinese people have become one of the consumer groups that have the strongest overseas purchasing power on luxury goods during holidays.

During the Dragon Spring Festival, total sales of European luxury goods increased by 12 percent compared with 2011 Spring Festival.

During the festival period, Chinese consumers accounted for 62 percent of the total sales of European luxury market.

In North American market, Chinese spending on luxury goods accounted for nearly 33 percent.

In Hong Kong, Macao and Taiwan markets, the consumption share of Chinese consumers on luxury goods was even larger at 69 percent.

The Association monitored luxury consumption in China from January 1 to February 1, 2012 and found that total luxury consumption in China reached US $1.75 billion, mainly concentrated in Beijing and Shanghai.

Of the $7.2 billion spent on luxury goods outside China, 46 percent of this was spent in Europe, 19 percent in North America and 35 percent in Hong Kong, Macao and Taiwan.

The Chinese consumers mainly bought clothing, fashion goods, watches, leather goods and cosmetics and perfumes.

Fibre2fashion News Desk - China


Must ReadView All

Pic: humphery / Shutterstock.com

Textiles | On 18th May 2021

China's textile sector shows strong performance in Q1 2021

China's textile industry showed strong performance in the first...

Pic: Shutterstock

Retail | On 18th May 2021

Retail stores in Ireland open after 4 months of lockdown

Over 280,000 employees in Ireland’s retail sector returned to work as ...

Pic: Shutterstock

Textiles | On 18th May 2021

Prime Content| Organic cotton fibre prices in India expected to rise: TexPro

The price of organic cotton fibre in India is expected to increase in ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

The pandemic has reinstated need for organised retail spaces in Tier II...

International apparel brands, Head honchos

International apparel brands
Head honchos

Launched first collection at onset of Covid

Textile Industry, Head honchos

Textile Industry
Head honchos

Main challenges are breakdown of supply chain and shrinkage of manpower

Raiyan Islam,

Raiyan Islam

Founded in 1981 by Sayeeful Islam, Concorde Garments Group is a market...

Ujjval Saraf,

Ujjval Saraf

Founded by Jimmy Lai, Giordano International Ltd, a Hong Kong based...

Ritu Oberoi,

Ritu Oberoi

Established in 2018, Forsarees is a socially driven business enterprise,...

Madison Maxey, Loomia

Madison Maxey
Loomia

Loomia designs and manufactures soft circuit systems that can be produced...

Jacques Prigneaux, EDANA

Jacques Prigneaux
EDANA

EDANA has been the leading global association and voice of the nonwovens...

Kevin Young & Tom Lucas, Web Industries

Kevin Young & Tom Lucas
Web Industries

Web Industries is a precision formatter of nonwoven materials used in baby ...

Ramya Rao & Kavea R Chavali, Kalaneca

Ramya Rao & Kavea R Chavali
Kalaneca

<div>The journey of Kalaneca (kala-Art, Neca- Nikaah) formally began in...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

Ruma Devi is a jet-setting promoter of artisans who has empowered...

Sandeep Gonsalves & Sarah Gonsalves, Sarah & Sandeep

Sandeep Gonsalves & Sarah Gonsalves
Sarah & Sandeep

Established in 2012, Sarah &amp; Sandeep is a luxury menswear label...

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

Leave your Comments


May 2021

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


Advanced Search