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Luxury - Amazing rebound in China’s luxury industry in 2017
2018/1/24 14:22:53 Source: APLF Author: 点击率:
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Sales of luxury goods in China reached more than US$22 billion in 2017, an increase of nearly 20% compared to the previous year, according to a report from specialist consultancy firm Bain & Co.

This represents the sharpest growth since 2011 and follows on from slight growth in 2016 and decreases in both 2015 and 2014.

“It’s essentially been a flattish market for the last five years; now 2017 is plus 20 per cent, that’s an amazing rebound,” said Bruno Lannes, Shanghai-based partner at Bain.

He explained that lower pricing and government support were two key drivers of this growth. There was especially strong growth for women’s clothing, jewellery, cosmetics, shoes and handbags.

China’s domestic market makes up around 8% of global luxury sales, according to Bain & Co, but Chinese shoppers make three-quarters of their luxury purchases overseas. In 2017, they made up 32% of the $308 billion global luxury market.

Bain & Co expects China’s luxury market to continue to grow in 2018, although at a slightly slower rate.

Report courtesy of Leatherbiz

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