According to the latest report by IMARC Group, titled “China Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The China luxury market is expected to exhibit a CAGR of 5.50% during 2022-2027.
Luxury goods and services refer to non-essential but desirable products that are commonly related to exclusivity and wealth. They are usually of good quality, expensive, and intended to appeal to people in a high social class. These goods and services attract a larger section of society and offer great value. They comprise luxury hospitality services, automobiles, and food and beverages from high-end dining that provide comfort and elegance to consumers. In line with this, they aid in raising confidence, self-esteem, and social standing and offering comfort and elegance. These goods and services largely depend on marketing and promotions to communicate brand values.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
China Luxury Market Trends:
The rising willingness among individuals to spend on lavish items, such as designer shoes, cars, clothes, the latest automobiles, etc., on account of the inflating levels of disposable income, is primarily driving the China luxury market. Additionally, the growing consumer inclination towards expensive perfumes and cosmetics to boost confidence and enhance appearance is further catalyzing the market growth. Besides this, the development of sustainable products manufactured from environmentally friendly raw materials, such as plant-based leather derived from pineapples which are used for producing jackets, handbags, footwear, etc., is acting as another significant growth-inducing factor. Moreover, the elevating penetration of e-commerce facilities and the increasing popularity of social media platforms are bolstering the market growth across the country. Apart from this, the introduction of technology-embedded items, the establishment of upscale malls, and extensive investments by various brands are anticipated to fuel the China luxury market over the forecasted period.
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China Luxury Market 2022-2027 Analysis and Segmentation:
The report has segmented the market on the basis on region, category, gender, distribution channel.
Breakup by Category:
- Travel and Hotel
- Personal Luxury Goods
- Food and Drinks
Breakup by Gender:
Breakup by Distribution Channel:
- Mono-Brand Stores
- Multi-Brand Stores
- Online Stores
Breakup by Region:
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