The "since China" luxury market has huge prospects
In 2009, the global luxury goods market was weak, but the enthusiasm of Chinese consumers for luxury consumption did not decrease and the market rose. According to the statistics of the World Luxury Association, as of December 2009, China's total luxury consumption reached 9.4 billion US dollars, with a global share of 27.5%, making it the world's second largest consumer of luxury goods. In 2004, China’s total luxury consumption was only $2 billion. It is estimated that in the next five years, the Chinese luxury goods market will reach 14.6 billion US dollars, occupying the peak of global luxury consumption.
"We have only 3,000 US dollars per capita GDP, and Japan has about 40,000 US dollars, but our luxury consumption has exceeded this year. This is related to the way we gather our wealth and the way wealth is distributed." China's economic system reform research Wang Depei, vice president of the conference and director of the Shanghai Fuka Economic Forecasting Institute, said in the second summit of the China Europe International Business School in 2010.
  Luxury consumption
     In the Spring Festival of 2010, more than 1,000 Chinese tourists flocked to New York City with a spending capacity of up to 30 million yuan. The largest chain of department stores in the United States, Macy's, New York Empire State Building, and the top jewellery sales of Cartier have set a special session for Chinese customers. According to the New York City Tourism Bureau, 95% of Chinese tourists' main activities in New York are shopping. The same is true in the UK. In October 2009, consumption by Chinese consumers on Bond Street, Oxford Street and Regent Street increased by 127% compared to September and 21% year-on-year in 2008. Chinese consumers have basically detoured to such general department stores as Primark, and went straight to PRADA and GUCCI stores.
These near-crazy Chinese consumers are stimulating the ambitions of luxury companies from around the world. Michele Norsa, CEO of Salvatore Ferragamo Group, said: "The Asia-Pacific region is very important, including Southeast Asia, South Korea, etc., which are important to us. Our growth in the next few years may come from Asia. ."
According to statistics, more than 80% of the world's top luxury brands have entered China. According to data from Husband Retail Consulting, a retail market consulting firm, nearly 300 top stores opened in Beijing as of the end of 2009.
Before the opening of the 2010 Shanghai World Expo, at least 10 top luxury brands will open their flagship stores on Huaihai Road.
According to the Boston Consulting Group, the per capita luxury sales in Shanghai and Beijing are comparable to those in New York and Chicago. Some secondary cities (such as Harbin and Shenyang) are also close behind.
A very different phenomenon between the Chinese market and other markets is that consumers who can consume luxury goods consume only 30% of the total market share of luxury goods, and the remaining 70% of the purchasing power comes from those who save money.
“Luxury consumptionâ€, the researchers define the above consumer behavior. "There are a lot of Chinese people, and the market he constitutes is very large." Yuan Yue, chairman of Zero Consulting, said.
The motivation of “luxury consumptionâ€, Tom Doctoroff, CEO of JWT Greater China, said that Chinese consumers have become experienced and tasteful in the consumption of luxury goods, but they have their own uniqueness, and finally luxury goods are internalized into Something that matches their status.
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