The China luxury market size reached US$ 287.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 391.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
Luxury goods and services are non-essential but desirable products that are commonly related to wealth and exclusivity. They are generally of good quality, expensive, and intended to appeal to people in a high social class. These goods and services offer great value and attract a larger section of society. They consist of luxury automobiles, hospitality services, and food and beverages from high-end dining that provide comfort and elegance to the customers. Luxury products assist in raising self-esteem, confidence, and social standing and offering comfort and elegance. These goods and services largely depend on marketing and promotions in order to communicate brand values.
China Luxury Market Trends:
The China luxury market is primarily being driven by the inflating disposable income levels of the masses. Consumers are willing to spend on lavish items, such as designer clothes, shoes, cars, and the latest automobiles. In line with this, the increasing inclination of the younger population towards expensive perfumes and cosmetics to boost confidence and enhance appearance is favoring the market growth. Apart from this, the introduction of sustainable products manufactured from environmentally friendly raw materials, such as plant-based leather derived from pineapples which are further used for producing jackets, handbags, and footwear, are providing an impetus to the market growth. Additionally, the rising penetration of e-commerce facilities and the growing popularity of social media platforms across the country is positively impacting the market growth. Other factors, including growing awareness among consumers about leading luxury brands, the launch of technology-embedded products, the establishment of upscale malls, rapid urbanization, and the increasing investments by numerous luxury brands to expand their presence in the country are anticipated to drive the market toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the China luxury market report, along with forecasts at the country and regional level from 2023-2028. Our report has categorized the market based on category, gender and distribution channel.
Breakup by Category:
- Travel and Hotel
- Personal Luxury Goods
- Food and Drinks
Breakup by Gender:
Breakup by Distribution Channel:
- Mono-Brand Stores
- Multi-Brand Stores
- Online Stores
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
|Base Year of the Analysis
||Category, Gender, Distribution Channel, Region
||Guangdong, Jiangsu, Zhejiang, Henan, Sichuan, Shanghai
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Key Questions Answered in This Report:
- How has the China luxury market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the China luxury market?
- What are the key regional markets?
- What is the breakup of the market based on the category?
- What is the breakup of the market based on the gender?
- What is the breakup of the market based on the distribution channel?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the China luxury market and who are the key players?
- What is the degree of competition in the industry?