新年快乐 Happy Chinese New Year! To usher in the year of the chicken, we’re sharing a few factoids about the Chinese luxury market.
- Chinese travelers spent $30 billion on luxury purchases this year. Chinese luxury spending has increased by nearly 30% (local and abroad), according to Bain’s Luxury Goods Worldwide Market Study.
- While North America has surpassed China in luxury good sales, the growth has been largely fueled by Chinese luxury tourism spending. Trendspotters have termed this reverse flow of luxury goods the new Polo Marco trade routes
- Luxury watches took the biggest toll from the government crackdown on corruptive gifting. The luxury watch market experienced a 11% decrease in sales over the last year.
- China’s e-commerce market is gaining traction and is predicted to reach $500 billion by 2015. Consulting firm Bain expects China to overtake the US as this year’s largest online shopping market.
- Local luxury consumption in China is straying from well-known brands with conspicuous logos and instead, warming to niche labels. This latest trend is driving the establishment of multi-brand boutiques in China.
Header image, Peony Chicken available here.
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