Greater China, which includes specially administrative regions of Macau and Hong Kong, has overtaken Japan to become the world’s second largest luxury market, next only to the US, according to a latest study.
Greater China, which includes specially administrative regions of Macau and Hong Kong, has overtaken Japan to become the world's second largest luxury#
Chinese consumers currently buy about 25 percent of all global luxury goods, states the research report on China’s luxury market, released by Bain & Company, one of the world's leading global business consulting firms, which has presence across six continents.
Greater China, which includes specially administrative regions of Macau and Hong Kong, has overtaken Japan to become the world's second largest luxury#
The study also concludes that Chinese citizens have become the world’s largest consumer group of luxury goods, owing to lower Euro exchange rates and an increase in overseas visits by the Chinese people.
Greater China, which includes specially administrative regions of Macau and Hong Kong, has overtaken Japan to become the world's second largest luxury#
The report mentions that the luxury goods market in China has grown by seven percent, which is lower than the growth rate witnessed a year earlier.
Greater China, which includes specially administrative regions of Macau and Hong Kong, has overtaken Japan to become the world's second largest luxury#
However, the consumption of luxury goods by Chinese consumers in overseas markets has risen by 31 percent year-on-year.
Greater China, which includes specially administrative regions of Macau and Hong Kong, has overtaken Japan to become the world's second largest luxury#
The growth of luxury market remains strong in Macau, but the growth rate in Hong Kong has slowed down to about 10 percent year-on-year.
Greater China, which includes specially administrative regions of Macau and Hong Kong, has overtaken Japan to become the world's second largest luxury#
The report mentions that sale of luxury goods through Internet is still in its infancy in China, but it is gradually becoming an important marketing channel for brands.
Greater China, which includes specially administrative regions of Macau and Hong Kong, has overtaken Japan to become the world's second largest luxury#
Finally, it states that the performance of luxury market will improve in 2013.
Greater China, which includes specially administrative regions of Macau and Hong Kong, has overtaken Japan to become the world's second largest luxury#
Fibre2fashion News Desk - China
marketing@alchempro.com
