Great India Drive

China leads in global luxury consumption

| | Beijing
  • 0

China leads in global luxury consumption

Saturday, 29 July 2017 | IANS | Beijing

China leads in global luxury consumption

Buying luxury items is becoming the choice for an increasing number of shoppers in China, a trend has made the country a top contributor to the global luxury goods market, the media reported on Saturday.
According to official data, Chinese shoppers spent over 500 billion yuan ($74 billion) in 2016, taking one third of the world's total sales volume, reports the People's Daily.
"last year, the world's luxury industry shrunk because of the sluggish economy and people's decreasing confidence in a reviving economy. However, China's booming middle class and the comparatively stable environment is boosting luxury consumption," a senior analyst said. 
"Chinese people now have more channels to purchase luxury goods, like overseas travel and e-commerce platforms."
The huge potential in China draws the attention of industry powers, the People's Daily reported. 
For example, lVMH (Moet Hennessy louis Vuitton) - the leading group in the luxury industry - has started to explore the Chinese market on a more localised basis.
In 2016, lVMH generated a new skincare brand tailored to the Chinese market employing "the spirit of the tea" as their selling point, which is familiar with and quite welcomed by Chinese consumers.
China is expected to make up nearly half of global luxury consumption in 2025, which is estimated to be a 2.7 trillion-yuan ($400 billion) market by then, the analyst added.

State Editions

Suspense continues over AJSU-BJP tie-up

14 November 2019 | PNS | Ranchi

Man killed over witchcraft suspicion in Gajapati

14 November 2019 | PNS | Bhubaneswar

Cong decries officers’ no reply to their letters

14 November 2019 | PNS | Bhubaneswar

46K found ineligible KALIA beneficiaries

14 November 2019 | PNS | Bhubaneswar

Assembly stalled over violence against women

14 November 2019 | PABITRA SENAPATY | Bhubaneswar

Sunday Edition

Cleaning Delhi’s Air An Ethical and Economic Dilemma

10 November 2019 | Dr Manish Kumar Shrivastava | Agenda

Beyond Time and Space

10 November 2019 | Dr Asha Goswami | Agenda

Loving your own space

10 November 2019 | Sarita Mathur | Agenda

We need love to exist

10 November 2019 | Ajit Kumar Bishnoi | Agenda

Stay alert to keep mind in shape

10 November 2019 | Bharat Bhushan Padmadeo | Agenda

Ayodhya judgment: Reasons & resolution

10 November 2019 | PNS | Agenda