Connect with us

China

China to become top luxury market by 2020

There were 1,363 billionaires in China last year, and the number of people worth at least 10 million yuan are no fewer than 875,000. China’s rapid evolution from a basic emerging market to a sophisticated economic powerhouse is ready to see the country become the world’s largest luxury goods market over the next decade.

Boris Sullivan

Published

on

Shanghai shopping

Gone are the days when luxury meant owning a colored TV set or dining out at a western fast food eatery such as McDonalds; Chinese consumers are now eyeing high-end luxury goods with ever more money in their once flat pockets.

China’s rapid evolution from a basic emerging market to a sophisticated economic powerhouse is ready to see the country become the world’s largest luxury goods market over the next decade.

CLSA Asia-Pacific Markets, majority owned by France’s Credit Agricole SA, expects China to account for as much as 44 percent of global luxury sales by 2020, up from the current 15 percent.

CLSA also predicted that overall consumption in China will rise by 11 percent annually over the next five years, while sales of luxury goods will grow more than twice as quickly, by 25 percent a year.

Shanghai shopping

There were 1,363 billionaires in China last year, and the number of people worth at least 10 million yuan are no fewer than 875,000. Picture: Camilla Davidsson

Louis Vuitton Malletier’s biggest customers were already Chinese buyers, while China represented 18 percent of sales for Gucci, 14 percent for Bulgari and 11 percent for Hermes,said CLSA.

Capturing this vast market and tapping into expanding wallets is front and center in terms of strategy for many of the world’s best known luxury brands, which are rapidly ramping up in China.

Fang Shuhua, vice president of the corporate and private jet department of Airbus, told Xinhua that China has become the fastest-growing market for Airbus’ corporate jet business, and orders placed by Chinese customers make up 25 percent of the world’s total.

“China’s corporate jet market has a promising future and we are confident of ever more sales growth in the Chinese market.” Fang said.

There were 1,363 billionaires in China last year, and the number of people worth at least 10 million yuan are no fewer than 875,000, the Global Times reported on Feb.18.

Meanwhile, the market for luxury has extended far beyond China’s nouveau riche as ever more white-collar workers are also demonstrating a swelling enthusiasm for luxury.

Some people with meager incomes are even going out of their way to seek designs that have a unique way of burnishing their own heritage.

To white-collar worker Zou Xiaoqing, it is not unusual for her to spend one or two-months salary on a Chanel bag or a pair of Prada shoes.

Read more: http://english.people.com.cn/90001/90778/90861/7339454.html

Comments

China

RCEP and China: Reimagining the future of trade in Asia

The Regional Comprehensive Economic Partnership (RCEP) could eventually usher in an era of much deeper regional integration: for corporates doing business in the region, their future success may well hinge on how adeptly they manage to navigate the evolution of Asia’s trade landscape under the RCEP.

Avatar

Published

on

Last month, 15 countries in the Asia-Pacific region – including the 10 member states of the Association of Southeast Asian Nations (ASEAN) as well as China, Australia, Japan, New Zealand, and South Korea – signed the landmark Regional Comprehensive Economic Partnership (RCEP) on the final day of the 37th ASEAN Summit.

(more…)
Continue Reading

China

Thailand ready to ink big Chinese-backed trade deal

The RCEP will cover all 10 Asean member states plus five partners: China, Australia, Japan, New Zealand, and South Korea and will take effect from the middle of 2021 if at least six Asean members and three partners agree to its terms.

Olivier Languepin

Published

on

Thailand is set to sign the world’s biggest free trade agreement with Japan, China, South Korea and 12 other Asia-Pacific countries at the 37th Asean Summit this week.

(more…)
Continue Reading

Business

Great Wall Motor (China) takes over GM factory in Thailand

The Thai production hub will become operational in the first quarter of 2021 with automobile production capacity of 80,000 units per annum.

Avatar

Published

on

Chinese carmaker Great Wall Motor (GWM) hosted a ceremony on November 2nd to celebrate the latest milestone in taking full ownership of Rayong Manufacturing Facility in Thailand.

(more…)
Continue Reading

Latest

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,608 other subscribers

Trending