As was announced one month ago the Cashmere World Fair is moving from its original venue in Beijing to the fashion hub of Asia, Hong Kong, and will be held as an integral part of the Fashion Access fair from September 27th – 29th September 2012 at the Hong Kong Convention and Exhibition Center.
This landmark event is excellent news for both exhibitors of cashmere fashion and the fashion buyers from all parts of the globe who visit Fashion Access to source the latest lines in bags, garments, footwear and fashion accessories.
Cashmere garments such as sweaters, shawls, suits and dresses fit hand in glove with the thousands of boutique, department store, wholesalers, agents and distributors passing through Fashion Access in search of the products that will fill their shelves for the coming season.
And the advantage for cashmere garment manufacturers is that Hong Kong is a shoppers' paradise, is the gateway to the booming Asian consumer market and is right next door to China. It is the most important sourcing destination for up market fashion articles of all types which arrive on China's Mainland.
In other words a whole new market is waiting for new western styles and designs made in luxurious cashmere to be available in Hong Kong as the Cashmere World Fair in Hong Kong this fall.
This extract from a report from the World Luxury Association sums up perfectly the opportunities for cashmere finished product manufacturers in Asia, China and of course Hong Kong.
The World Luxury Association (WLA) – is forecasting that China will become the world's biggest luxury market this year and will grow by a whopping 36%. Japan's market share is down by 5% due to the earthquake catastrophe last March 2011 but is recovering and European sales are forecast to be 18% of the global market compared to 14% in the US.
Another figure which gives food for thought is the fact that Chinese purchases of luxury good in France, Italy and the UK accounted for 48% of all sales. Purchases in these countries from Asian visitors (including China) amount to some 65% of the total, according to the WLA – click here for details.
The other factor which makes China a must for selling high quality international cashmere brands directly in that country is that from October 1st 2011r, China started reducing customs duties on luxury goods imports. The high taxes levied on luxury goods in China which can reach to 60%, for years encouraged Chinese consumers to do their shopping in Hong Kong and Europe instead of in the stores located in Mainland China.
The WLA report states that Chinese bought US$50 billion worth of luxury goods overseas, which is five times more than luxury goods sales in China. This was due to the high prices of luxury goods in China, which are, on average, 45% higher than the prices of similar goods in Hong Kong, 51% higher than in the US, and 72% higher than in France.
Finally take intoaccount that there is a gradual strengthening of the yuan which will make imported goods more accessible for Chinese consumers as well as the 200 million plus who are now in a position to make such purchases and there is a whole new market beckoning western manufacturers of quality luxury goods and apparel.
This concrete information is very encouraging for cashmere fashion exporters and Hong Kong is the bridge into the Chinese Mainland market – and Fashion Access, incorporating Cashmere World, is the business platform from where to launch your cashmere and fashion products into the world's fastest growing fashion arena – Asia.