Connect with us

China

China major target for luxury brands

CBRE’s annual survey – now in its fourth year – mapped the global footprint of 323 of the world’s top retailers across more than 200 cities to identify trends in global retail expansion at national and local levels.

Olivier Languepin

Published

on

Shanghai shopping

Hong Kong has maintained its position as the most popular destination for luxury retailers, attracting 84% of the luxury brands covered in the 2011 edition of How Global is the Business of Retail? by global real estate adviser CB Richard Ellis (CBRE).

CBRE’s annual survey – now in its fourth year – mapped the global footprint of 323 of the world’s top retailers across more than 200 cities to identify trends in global retail expansion at national and local levels. “Hong Kong’s ranking reflects the continuing love affair that local residents and increasingly visitors from mainland China have with luxury fashion. Particularly evident is the change in retail mix in Hong Kong’s leading shopping malls and shopping precincts toward luxury brand retailers,” said Dr Nick Axford, Head of Asia Pacific Research for CBRE.

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.

Across all retail sectors Dubai climbed CBRE’s rankings to share the top position as the most targeted retail destination with London. Dubai and London are followed in the top retail city rankings by the established markets of New York (44.3% of international retailers), Paris (43.6%), and Hong Kong (40.6%), which clearly still hold considerable global pulling power.

Singapore, Tokyo an Beijing also feature in the top 10, confirming  that Asia continues  to be a key target  for luxury brands, with many  retailers  opening  in multiple locations  and developing  flagship stores to market their brand.

Asian cities featured strongly among the Top 20 cities for international retailers, with five in the ranking – Hong Kong, Singapore, Beijing, Shanghai and Tokyo. Attracting more than half (56%) of all international retail brands surveyed, Dubai now equals London as the most popular retail city in the world. With 1.2 million square metres of retail space having come on to the market since 2006, a wealthy consumer base, and very little competition from local retailers Dubai’s stature as a key destination for international retailers has grown quickly. A further trend has been an influx of US-based retailers in the last 18 months.

 

Bangkok Correspondent for Siam News Network. Editor at Thailand Business News

Comments

Asean

In the Dragon’s Shadow: Southeast Asia in an Age of Rising Chinese Power

As China’s economy has surged and its leadership has asserted its power abroad, each country of Southeast Asia has been presented with a thorny challenge: how to benefit from the Chinese renaissance while safeguarding its sovereignty over the long term

Boris Sullivan

Published

on

The 11 nations of Southeast Asia stand uniquely exposed to the rising power of the new China: three share borders with the world’s most populous nation, and five are directly impacted by its claims over the South
China Sea.

(more…)

Continue Reading

China

Hong Kong’s US-Bound Exports to be Labeled ‘Made in China’

Goods produced in Hong Kong and exported to the US must be “marked to indicate that their origin is China”, according to a notice put out by US Customs and Border Protection (CBP) on August 11, 2020.

Avatar

Published

on

This ‘Made in China’ labeling requirement on Hong Kong products was originally to take effect on September 25. To give Hong Kong exporters more breathing room to switch the labels, the US CBP has extended the enforcement date by 45 days, to November 9.

(more…)

Continue Reading

Asean

Global value chains: risk mitigation to reduce dependence on China

Risk mitigation will lead to reduced dependence on China in global value chains, and diversification will benefit ASEAN, but localisation of production will have negative effects for ASEAN producers

Boris Sullivan

Published

on

Risk mitigation will lead to reduced dependence on China in global value chains, and diversification will benefit ASEAN, but localisation of production will have negative effects for ASEAN producers
To continue reading, subscribe today : View subscription options.
Already a subscriber? Sign In here, or use a social media account to login.
Continue Reading

Cart

Most Viewed

Events Calendar

« September 2020 » loading...
M T W T F S S
31
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
1
2
3
4

Subscribe via Email

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

Join 12,915 other subscribers

Latest

Trending