Global luxury market will be moved to China
Global luxury goods market momentum in China, Jin Meng, according to a CLSA Asia-Pacific Markets CLSA predicts that by 2020, nearly 44% of the luxury market will move to China.
Prada CLSA in Hong Kong for the initial public recruitment issue (IPO), the agency expects the next five years, China’s luxury market will grow 25% a year, the growth rate approaching 22% after five years . Based on this growth rate, China’s market share will reach 74 billion euros, equivalent to 101.4 billion U.S. dollars. Bain & Co in 2009 provided the data show that China’s domestic market share of 68 billion yuan, equivalent to 10.32 billion U.S. dollars.
Indeed, the international luxury brand in the Asian region has laid a good foundation for the development, but according to analyst Aaron Fischer, a survey in Hong Kong briefing showed that the development momentum continues to grow.
According to the survey, the annual household income of more than 10,000 U.S. dollars, people started to buy some luxuries. In China, this increased from 3.1% in 2000 to 17.9% today. CLSA predicted that in the next eight years, this proportion will continue to increase, likely to double.
Prada did not predict the CLSA China or other parts of Asia in the development of potential, but Fischer said the West’s brand in the region will continue to maintain a good momentum of development. With other regions and countries, China has more consumers prefer the higher price of watches, clothing and jewelry luxury brand, but being there are some differences. Today, China’s luxury market is still dominated by male consumers, therefore, men’s apparel, handbags and cars accounted for a large share of luxury consumption. Hong Kong and mainland China’s imports of Swiss watches, reaching 26% of the world. (more…)
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