IMARC Group’s report titled “China Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. The China luxury market size reached US$ 287.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 391.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
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Factors Affecting the Growth of the China Luxury Industry:
- Focus on Personal Well-being and Lifestyle:
The growing emphasis on personal well-being among individuals is a key factor propelling the market growth in China. The rising health awareness and a focus on quality of life are encouraging the utilization of luxury products and services that offer health benefits, relaxation, and personal enrichment. This trend encompasses a wide range of products, such as high-end organic food, luxury sportswear, and wellness retreats. The pursuit of a holistic, healthy lifestyle is particularly prevalent among people, who view luxury not just as a symbol of status but as a means to achieve a better, more balanced life. Luxury brands are effectively tapping into this health-conscious mentality, offering products and experiences that enhance personal well-being.
- Digital Innovation and Online Retail:
The integration of digital technology in commerce is propelling the market growth in the country. Individuals are highly engaged in the digital world, making them receptive to online marketing and e-commerce. Luxury brands are quickly adapting, harnessing online platforms to provide immersive and personalized digital experiences. This shift towards digital channels has not only made luxury goods more accessible but also allowed for innovative marketing strategies using big data, artificial intelligence (AI), and social media, creating a more dynamic and interactive relationship between luxury brands and buyers.
- Government Policies and Regulations:
The increasing implementation of policies and regulations by the governing body is bolstering the market growth in the country. These include reducing import duties, cracking down on gray market channels, and encouraging international luxury brands to establish a stronger retail presence in the country. Additionally, policies by the governing body that promote economic growth and stability are facilitating a favorable environment for the luxury sector. The growing focus on creating a robust internal market for luxury goods is a response to the significant capital outflow associated with overseas luxury shopping by the local people.
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China Luxury Market Report Segmentation:
- Travel and Hotel
- Personal Luxury Goods
- Food and Drinks
Personal luxury goods dominate the market attributed to the increasing demand for premium fashion, accessories, and beauty products among affluent individuals seeking quality and status symbols.
Females represent the largest segment due to the increasing inclination towards fashion, beauty, and personal grooming, driving significant spending in these areas.
By Distribution Channel:
- Mono-Brand Stores
- Multi-Brand Stores
- Online Stores
Mono-brand stores hold the majority of the market share as they offer a personalized and exclusive shopping experience, which appeals to individuals seeking authenticity and brand engagement.
Region-wise, the market has been divided into Guangdong, Jiangsu, Zhejiang, Henan, Sichuan, Shanghai, and others.
China Luxury Market Trends:
The growing preference for brands that demonstrate a commitment to environmental protection and sustainable practices is appealing to eco-conscious individuals. This trend is prompting luxury brands to adopt more sustainable materials, reduce their carbon footprint, and communicate their eco-friendly initiatives more transparently.
Besides this, the rising preference for personalization and exclusivity among buyers is propelling the market growth in China. Individuals are seeking products and experiences that are not just high-end but also unique and tailored to their individual preferences. Luxury brands are responding by offering bespoke services, limited-edition products, and exclusive events.
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