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

1.52L students avail CM Medhavi Vidyarthi Yojana

25 May 2020 | Staff Reporter | Lucknow

Governor, CM greet people of MP on occasion of Id-ul-Fitr

25 May 2020 | Staff Reporter | Bhopal

No labourer employed in R'gada MNREGS work

25 May 2020 | BADAl TAH | Bhubaneswar

News Briefs

25 May 2020 | PNS | Bhubaneswar

Massive fire breaks out in Apoorti market godown

25 May 2020 | Staff Reporter | Bhopal

Sunday Edition

A cupful of health

24 May 2020 | Excerpt | Agenda

from Corona to Karuna

24 May 2020 | Radhanath Swami | Agenda

Resurgence of Nature

24 May 2020 | Madan lall Manchanda | Agenda

For us and the world

24 May 2020 | Ajit Kumar Bishnoi | Agenda

Astroturf | Be live to collective obligation

24 May 2020 | Bharat Bhushan Padmadeo | Agenda

Talktime : ‘I regret not retaliating to verbal abuse’

24 May 2020 | MUSBA HASHMI | Sunday Pioneer