China’s luxury market remains the second largest in the world and it has been growing rapidly. Its rising ultra-rich and middle classes have substantial purchasing power and a growing appetite for high-end products. In 2023, the country was estimated to account for about about a fifth of th...
Premium StatisticMajor sources of information for consumers about luxury items China 2023 Premium StatisticExpected changes of luxury goods spending in the next year in China 2023 Premium StatisticAge of first purchase of luxury goods among rich consumers China 2023, by age ...
many experts anticipatedthe revival of China’s luxury market in 2023. Although showing small growth at the beginning, the market has begun to demonstrate signs of its comeback. LVMH reported a14% surgein its Asia sales in the first quarter of 2023, with China accounting roughly for 80% of ...
“We are extremely, extremely hopeful and should benefit from a strong push from mainland China in 2023. Certainly in fashion and leather, but probably as well in jewelry,” Guiony added. The company’s fashion and leather goods division registered double-digit growth in the China market, but...
The dawn of a new era for Chinese luxury brands: 6 hypotheses on the future of luxury in China March 15, 2024 Chinese brands, local brands China, luxury brands in China, luxury market China In 2023, China’s luxury market made a significant rebound, surging by 12% year-on-year after...
China’s Luxury Market to Double to $150 Billion by 2030 China’s huge luxury market has long been attractive to the world’s biggest brands. APwCreport forecast that the market will doublefrom US$69 billion in 2023to almost US$150 billion by 2030. A handful of factors are contributing to...
SHANGHAI, Jan. 21 (Xinhua) -- Around 21 percent of the global consumer spending on luxury goods came from the Chinese mainland in 2021 and China is expected to become the world's largest luxury market by 2025, according to the global management consulting firm Bain & Company. ...
2023-2024, Douyin is the key platform for Luxury brands in China. Douyin is the Chinese version of Tiktok In 2023, the Chinese luxury market is witnessing a transformative shift, primarily driven by four pivotal trends. These emerging dynamics are not just reshaping the landscape of luxury consu...
Bain expects the global luxury market to return to 2019 levels by the end of 2022 or early 2023, driven by digital sales growth and strength in China. Online shopping for luxury goods has doubled to represent 23% of total purchases in 2020, from 12% in 2019, Bain said. The firm expe...
For instance, in April 2024, Mercedes-Benz opened a new tab to launch a luxury electric van for the Chinese market based on its VAN.EA platform. According to BMW’s annual report, China held the highest share of 32.3% in global automotive sales in 2023. Similarly, China was the largest...