The latest report by IMARC Group, titled “China Luxury Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the China Luxury market is expected to exhibit a CAGR of 5.2% during the forecast period (2023-2028). Luxury goods and services are non-essential but desirable products that comprise haute couture clothing, jewelry and high-end watches, sports cars, a private jet, a yacht, wine, advanced homes and real estates, and limousine service. They represent the wealth of an individual and intended to appeal to people in a high social class. They raise self-esteem and confidence of an individual by serving as a status symbol in society. They are durable, advanced, and expensive while offering comfort and elegance to consumers. They help make a long-lasting and credible impression while delivering a sense of exclusivity. As they provide enhanced craftsmanship, rarity, and aesthetics, the demand for luxury goods and services is rising in China.
China Luxury Market Trends:
At present, increasing number of individuals visiting travel retail businesses and duty-free shops at airports represents one of the key factors supporting the growth of the market in China. In addition, there is a rise in the number of urban middle-class spenders to demonstrate their individualism and success. This, along with the thriving tourism industry, is bolstering the growth of the market in the country. Besides this, the growing demand for paintings made by contemporary artists among the masses to associate emotionally with their culture is positively influencing the market in the country. Moreover, the wide availability of luxury goods through online and offline distribution channels, coupled with inflating income levels of individuals, is propelling the growth of the market in China. Apart from this, there is an increase in the demand for sustainable luxury products manufactured from environmentally friendly raw materials, such as plant-based leather, which are used to produce jackets, handbags, and footwear. In line with this, the rising awareness among individuals about the leading luxury brands in China is strengthening the growth of the market. Additionally, key manufacturers are providing various offers to draw the attention of the younger section of the population in the country.
- Based on the category, the market has been classified into travel and hotel, cars, personal luxury goods, food and drinks, and others. At present, personal luxury goods hold the largest share in the market.
- On the basis of the gender, the market has been bifurcated into male and female. Presently, female exhibits a clear dominance in the market.
- Based on the distribution channel, the market has been segregated into mono-brand stores, multi-brand stores, online stores, and others. Mono-brand stores dominate the market.
- Region-wise, the market has been divided into Guangdong, Jiangsu, Zhejiang, Henan, Sichuan, Shanghai, and others.
- The competitive landscape of the market has been studied in the report.
|Base Year of the Analysis
||Category, Gender, Distribution Channel, Region
||Guangdong, Jiangsu, Zhejiang, Henan, Sichuan, Shanghai
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