RNCOS White Paper - China Personal Luxury Goods Market to be Worth EUR 18 Billion by 2017
RNCOS White Paper: China Personal Luxury Goods Market to be Worth
EUR 18 Billion by 2017
The China luxury goods market illustrates huge potential of growth as spending by consumers
of Chinese on luxury items is surging at a phenomenal rate, says RNCOS.
The China luxury goods market exhibits huge potential for growth as spending by Chinese
consumers on luxury products is growing tremendously, making it second largest luxury
market in the world after Japan. The country has become the paramount driver of growth in
this sector, with purchases by Chinese both at home and abroad. In international market,
Hong Kong and Macau are the most preferred shopping destinations for Chinese consumers but
now Europe is also rising quickly in popularity. Further, Chinese government is going to slash
import duties soon on opulent items to encourage shopping of these luxury goods in the
Emphasizing on the growth potential, Shushmul Maheshwari, CEO - RNCOS said that the
demand of luxury goods is anticipated to remain robust on the back of rising number of very
wealthy consumers, who have a marked tendency to trade up to more expensive and more
luxurious products. At the same time, new entrants into the luxury category which are just
attaining middle-class status are also increasing at an explosive rate as incomes head upward
which will help the market to touch new heights in near future.
On the competitive front, country’s luxury goods market is largely dominated by foreign
players. Most Chinese luxury consumers tend to favor foreign brands that have long history
and unique brand heritage. Attracted by this huge demand, some foreign luxury retailers such
as Louis Vuitton, Prada etc. are looking for opportunities to invest in local luxury companies
that have strong identity and growth potential.
The China personal luxury goods market can be fruitfully tapped, devising appropriate
business strategies. RNCOS acts as your growth partner in all your business endeavors, be it
product launching, geographic expansion, sales improvement, distributor/retailer tie-ups etc.
We help make your business flourish by studying the market dynamics, collating with your
business and devising the right strategies.
To get a complimentary copy of the white paper, please visit (http://rncos.com/IndustryWhitepapers.htm)
RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer
in syndicate market research, our vision is to be a global leader in the industry research space
by providing research reports and actionable insights to companies across a range of
industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive
industry research studies, bespoke research and consultancy services to Fortune 1000, Trade
associations, and Government agencies worldwide.
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