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China's luxury market to grow 23 pct in 2010: report
By Pan Xiaoyi |
November 9, 2010, Tuesday
|
Online Edition
Online Edition
CHINA'S luxury market is expected to grow 23 percent this year from 68 billion yuan (US$10.2 billion) in 2009, leading the world's luxury market out of the global crisis, an industry report said today.
The annual growth rate expressed in euros will be 30 percent, compared with a projected 10 percent increase in the worldwide luxury goods sales, according to a report by Bain & Company.
China is positioned to become the world's third largest country market for luxury products by the middle of this decade, Bain said.
"We've seen a number of new behaviors and trends emerge now that the crisis is reversing," Claudia D'Arpizio, a Bain partner in Milan and lead author of Bain global luxury market study. "Luxury shoppers of this decade are more likely to be Chinese, more likely to be male, and more likely to be young."
In fact, Chinese are spending much more on luxury goods. The total luxury spending by Chinese mainlanders reached 156 billion yuan in 2009, including purchases made in the markets outside the Chinese mainland such as Hong Kong and Macau, Bain said.
Some consumers still prefer to buy products abroad due to wider choices and lower taxes. Meanwhile, domestic purchasing is growing as luxury brands reduce operating margins to partially offset tax differences and introduce smaller ticket items for impulse buys, the report said.
The annual growth rate expressed in euros will be 30 percent, compared with a projected 10 percent increase in the worldwide luxury goods sales, according to a report by Bain & Company.
China is positioned to become the world's third largest country market for luxury products by the middle of this decade, Bain said.
"We've seen a number of new behaviors and trends emerge now that the crisis is reversing," Claudia D'Arpizio, a Bain partner in Milan and lead author of Bain global luxury market study. "Luxury shoppers of this decade are more likely to be Chinese, more likely to be male, and more likely to be young."
In fact, Chinese are spending much more on luxury goods. The total luxury spending by Chinese mainlanders reached 156 billion yuan in 2009, including purchases made in the markets outside the Chinese mainland such as Hong Kong and Macau, Bain said.
Some consumers still prefer to buy products abroad due to wider choices and lower taxes. Meanwhile, domestic purchasing is growing as luxury brands reduce operating margins to partially offset tax differences and introduce smaller ticket items for impulse buys, the report said.
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