In 2012, the global luxury market valued EUR212 billion, representing a
year-on-year increase of 10%. Chinese consumers became the world's largest
consumer group of luxury goods and they spent RMB306 billion in the world, most
of which was done in Hong Kong, Macao and other countries / regions, while only
39.28% in Mainland China.
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In 2012, as China's economic growth slowed down as well as the
government cut expenses on dining, cars, wine and other aspects, the Chinese
mainland luxury consumption cooled down substantially, and the growth rate of
the total consumption of luxury goods dropped from 30% in 2011 to 7.2% in 2012.
However, Chinese luxury consumers have changed their attitude
from showing off to enjoying and rational consumption with more mature
consumption concept, so Chinese luxury market will still witness steady growth
in the future.
Affected by the slowdown in growth rate of Chinese mainland
luxury market in 2012, major global luxury brands have adjusted their strategic
layout in China in 2013, and most of them would rather enhance the performance
of the existing stores than open new stores in second- and third-tier cities.
Global and China Luxury Apparel Market Report, 2012-2015 mainly studies the
global and Chinese luxury market size, geographical distribution, tariff
policies, Chinese luxury consumers and the development of Chinese luxury
E-commerce; meanwhile, it analyzes the operation of 16 major luxury brands
under eight large global groups as well as their development in China.
LVMH Group acts as the world's largest luxury group that owns
more than 50 luxury brands, and it still has been been exploring more brands
through acquisition. As of the end of 2012, LVMH Group had set up 3,204 shops
around the globe, including 670 ones in the Asia-Pacific region excluding
Japan. Impacted by Chinese luxury market, LVMH Group claims that it will not
expand in China in 2013 in order to maintain its high-end image, and will also
cease the establishment of stores in second- and third-tier cities of China. As
a member of LVMH Group, Louis Vuitton had opened a total of 45 stores in China
by the end of June, 2013. In H1 2013, LV built a new store in Shanghai and
Wuhan each.
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61% of the revenue of Kering Group (formerly known as PPR)
stemmed from the luxury business in 2012, in which GUCCI was the biggest
contributor that had possessed 60 stores in Mainland China (including Sanya
Gucci Duty Free Store) by the end of June 2013. By geographical distribution,
many Gucci stores are located in second-tier cities such as Shijiazhuang,
Taiyuan and Zhengzhou, aside from first-tier cities Beijing and Shanghai.
Contact
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