2015 China Overview Luxury Market Report
2015 China Overview_ Luxury Market Report highlights 2015 China’s Luxury Market status, including the total market volume, consumers’ purchase intention and purchase preferences in recent years. We also study the main attributes to possess a luxury brand and budgets per person for luxury goods among Chinese consumers.
- Chinese domestic luxury market did not grow for the first time in 2014. However, economic slowdown and government’s anti-corruption implementation aggravate the stagnancy of luxury market. However, in the future, 90% of luxury users will continue their purchase in a more rational way in 2015.
- As to Chinese consumers, they pay more attention to products’ genuineness, customer services and exquisite craftsmanship. Domestic tourists often purchase luxury from airport duty-free stores. However, they prefer to buy luxury from overseas exclusive stores on their own.
- Self-consumption products, such as watches, clothes, shoes, luggage and leather products were welcomed by consumers, while cosmetics and jewelry were purchased more often as gifts. Deluxe wine/foreign liquor were suitable for both self-consumption and gifting.