According to the latest report by IMARC Group “China Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“. The China luxury market growth is expected to exhibit a CAGR of 5.50% during 2022-2027. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Luxury goods and services refer to non-essential but desirable products that are commonly related to wealth and exclusivity. They are usually of good quality, expensive, intended to appeal to people in a high social class, etc. Luxury goods and services offer great value. They consist of luxury automobiles, hospitality services, and food and beverages from high-end dining that provide comfort and elegance to the customers. These products assist in increasing self-esteem, confidence, and social standing and offer comfort and elegance. Luxury goods and services generally depend on marketing and promotions for communicating brand values.
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China Luxury Market Trends:
The inflating disposable income levels of individuals are primarily augmenting the China luxury market. Furthermore, the increasing consumer inclination towards spending on lavish items, including designer clothes, shoes, cars, and the latest automobiles, is propelling the market growth. Apart from this, the escalating demand among the millennial population for expensive perfumes and cosmetics to boost confidence and enhance appearance is acting as another significant growth-inducing factor. Moreover, the introduction of sustainable products that are manufactured from environmentally friendly raw materials, such as plant-based leather derived from pineapples, and can be used for producing jackets, handbags, footwear, etc., is also bolstering the market growth. Besides this, the rising penetration of e-commerce facilities, extensive investments by numerous luxury brands to expand their presence across the country, and the growing popularity of social media platforms are further catalyzing the market growth. Additionally, the widespread adoption of technology-embedded items and the development of upscale malls are expected to fuel the China luxury market in the coming years.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Category:
- Travel and Hotel
- Cars
- Personal Luxury Goods
- Food and Drinks
- Others
Breakup by Gender:
- Male
- Female
Breakup by Distribution Channel:
- Mono-Brand Stores
- Multi-Brand Stores
- Online Stores
- Others
Breakup by Region:
- Guangdong
- Jiangsu
- Zhejiang
- Henan
- Sichuan
- Shanghai
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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