Home / Knowledge / News / Textiles / Chinese market melting pot for luxury brands

Chinese market melting pot for luxury brands

12
Mar '10
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


Must ReadView All

Pic: Shutterstock

Textiles | On 3rd Apr 2020

UKFT campaigns to support small companies amid COVID-19

UKFT is urging the government to provide support for individuals or...

Pic: Shutterstock

Apparel/Garments | On 3rd Apr 2020

China's silk town Shengze sends face masks to Milan

The Shengze Chamber of Commerce in the city of Suzhou in China’s...

Pic: H&M

Fashion | On 3rd Apr 2020

H&M awards €1 mn to five innovations of fashion industry

From lab-grown cotton and creating fabrics from protein DNA, to...

Interviews View All

Software Firms, Head honchos

Software Firms
Head honchos

Blockchain technology will shorten lead times

Top executives, Textile industry

Top executives
Textile industry

In 10 years' time, everything will have the responsible factor integrated

Abhimanyu Singh Rathore & Barbara Anna Kosiorek, Kannbar

Abhimanyu Singh Rathore & Barbara Anna Kosiorek
Kannbar

‘Blending cultures is the true beauty of fashion, where one’s imagination...

Christiane Thies,

Christiane Thies

Founded in 1892, Thies has concentrated on the fabrication of high-quality ...

Kalai Selvi,

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Jash Choraria,

Jash Choraria

Established in 2015 by <b>Jash Choraria</b>, Unifynd is a Mumbai-based...

Silke Brand-Kirsch, Schlegel und Partner

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Paolo Ocleppo, Sandvik Hyperion

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Lynda Kelly, Suominen Corporation

Lynda Kelly
Suominen Corporation

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

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sailesh Singhania, Sailesh Singhania Label

Sailesh Singhania
Sailesh Singhania Label

The Sailesh Singhania label was created to promote handwoven sarees and...

Anisha Chaudhari, Threads & Shirts

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

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


March 2020

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


Advanced Search