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Chinese set to fan luxury goods market
Source: AFP |
December 12, 2012, Wednesday
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Print Edition
Print Edition
CHINA will account for one-third of the estimated US$175 billion global market for luxury goods by 2015, as growing wealth spurs demand for top-end goods, consultancy McKinsey said yesterday.
Chinese consumers now account for around 27 percent of worldwide luxury consumption, estimated at about US$145 billion this year, McKinsey said in a report.
"Spending by Chinese consumers on luxury products now exceeds that of any other country," said the report, which surveyed more than 1,000 luxury shoppers in 14 Chinese cities.
"China has become the paramount driver of growth in this sector, with purchases by Chinese both at home and abroad accounting for over one-quarter of the global total."
The figure includes spending on high-end bags, shoes, watches, jewelry and clothing.
A slowdown in the Chinese economy and a crackdown on government corruption, which has affected gift-giving, has caused the market to cool this year, but China's wealthy and rising middle class will support future growth, it said.
The market for luxury goods is changing as more Chinese travel abroad and consumers seek more varied brands, McKinsey said.
"A rapidly-growing share of Chinese luxury shoppers are doing their purchasing abroad," it said.
Chinese consumers still prefer shopping for luxury goods at retail stores, making creating an in-store experience important for companies, with online sales still relatively small, the consultancy said.
Chinese consumers now account for around 27 percent of worldwide luxury consumption, estimated at about US$145 billion this year, McKinsey said in a report.
"Spending by Chinese consumers on luxury products now exceeds that of any other country," said the report, which surveyed more than 1,000 luxury shoppers in 14 Chinese cities.
"China has become the paramount driver of growth in this sector, with purchases by Chinese both at home and abroad accounting for over one-quarter of the global total."
The figure includes spending on high-end bags, shoes, watches, jewelry and clothing.
A slowdown in the Chinese economy and a crackdown on government corruption, which has affected gift-giving, has caused the market to cool this year, but China's wealthy and rising middle class will support future growth, it said.
The market for luxury goods is changing as more Chinese travel abroad and consumers seek more varied brands, McKinsey said.
"A rapidly-growing share of Chinese luxury shoppers are doing their purchasing abroad," it said.
Chinese consumers still prefer shopping for luxury goods at retail stores, making creating an in-store experience important for companies, with online sales still relatively small, the consultancy said.
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