Luxury Goods Market in China 2015-2019
About Luxury Goods
Luxury goods are non-essential goods that are indicative of higher social and cultural status. Purchasing luxury goods depends on affordability, income and assets. The demand for these goods is proportional to the increase in the disposable income. These goods are often purchased as a status symbol worldwide.
TechNavio's analysts forecast the Luxury Goods market in China to grow at a CAGR of 9.64 percent over the period 2014-2019.
Covered in this Report
The Luxury Goods market in China consists of the following goods: watches, cosmetics, perfume and personal care, leather goods, men' wear, jewelry, footwear, women's wear, and accessories.
TechNavio's report, the Luxury Goods Market in China 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. This report provides a brief demographic profile of China and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
TechNavio Announces the Publication of its Research Report – Luxury Goods Market in China 2015-2019
TechNavio recognizes the following companies as the key players in the Luxury Goods Market in China: Chanel SA, Gucci SpA, L'Oréal SA and LVMH Group.
Other Prominent Vendors in the market are: Armani, Burberry, Cartier, Coach, Estée Lauder, Hermés International, Hugo Boss, Longines, Omega, Prada, Rolex, Shiseido, and Tiffany.
Commenting on the report, an analyst from TechNavio’s team said: “The increased penetration of e-commerce is one of the key trends upcoming in the Luxury Goods market in China. Vendors can connect with consumers in a better way, and the sale of luxury brands has increased because of increased online presence. Luxury brand owners have launched websites in Chinese to communicate better with regional consumers.”
According to the report, favorable demographic factors such as increases in urbanization and disposable income, and a rise in the middle class population are driving the sale of luxury goods in China. People buy luxury goods in China to improve their standard of living, to stand apart from the crowd, express individuality, as a status symbol, and for an overall consumer experience.
Further, the report states that counterfeits of leading global luxury brands have flooded the Luxury Goods market in China and are causing a considerable dent in the market shares of leading popular brands. These products are priced lower than the original products to attract customers.
Chanel , Gucci, L'Oréal , LVMH, Armani, Burberry, Cartier, Coach, Estée Launder, Hermés International, Hugo Boss, Logines, Omega, Prada , Rolex, Shiseido , Tiffany
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