CCPIT: China Will Become The Largest Consumer Of Luxury Goods In 2015.

It is understood that the China Council for the promotion of international trade released a report in Beijing on 2015. It is estimated that by 2015, China's luxury goods consumption market will reach US $100 billion, accounting for more than Japan's share of the global luxury market and becoming the largest consumer of luxury goods.

Since 2008, China has become the world's second largest consumer of luxury goods, the report said. Among them, in the 2008 financial crisis, China's market grew negatively, spending 8 billion 600 million US dollars, accounting for 25% of the world's total. In 2009, China's luxury consumption reached 9 billion 600 million US dollars, accounting for 27.5% of the world's total, and reached 10 billion 700 million US dollars in 2010.

　　 Rapid growth in market segmentation

In China, more and more people are moving towards affluence, and the demand for luxury goods for symbolic status and status has increased. The new rich people are quickly understanding the development trend of the top brands in various industries and related luxury knowledge, and become an important force to stimulate high-end consumption of luxury goods. From the famous car, luxury house, jewelry to private aircraft, the high-end segment market of luxury goods is growing very fast.

The blue book shows that between February 2010 and March 2011, China's luxury goods market consumed 10 billion 700 million dollars in jewelry market, 2 billion 760 million in luggage, 2 billion 510 million in fashion, 1 billion 830 million in fashion, 1 billion 940 million in watches and clocks, 970 million in cosmetics, and 7.8 billion in other fields.

With the appreciation of the renminbi, Devaluation of the euro The purchasing power of Chinese consumers in the international market is enhanced, and luxury goods abroad are cheaper than last year. Asian luxury goods consumption in the European market totaled $69 billion last year, and the Chinese consumed nearly $50 billion. Italy's luxury brands are sold to the Chinese in 60% of the world's share of sales.

　 Consumer spending in Europe and America

Analysis of the blue book shows that since the economic crisis, the sales markets of luxury goods in various countries have had varying degrees of impact, most notably in the United States and Europe. Until the beginning of 2011, there was signs of recovery in the US and European luxury markets.

Japan's March 11th earthquake caused a serious slide in the luxury goods market. But the overall consumption power of Japanese citizens is very good, and it will not affect the share of future market share. Throughout the world, Japan is the most famous consumer country in the world.

By the end of March 2011, the consumption share of the global luxury goods market reached 187 billion euros, a total growth of 12%. The proportion of luxury consumption share in various countries is 34% in Japan, second in China, and 25% in Japan. It is expected to grow 10% to 15% in 2012, reaching 210 billion euros.

According to the growth pattern of the luxury market, the main markets in the US, Europe and Japan will not grow much in the next 1-3 years. Therefore, more and more global luxury goods enterprises have begun to seize the Chinese market.

In 2011, it was an important year for the global luxury industry to March and expand China. At present, China has nearly 2/3 luxury brands around the world. It is expected that the representative luxury brands of all countries in the world will be found before 2013.

　　 From buying goods to buying life

According to the report of the World Luxury Association 2010-2011 China's luxury behavior psychology trend, the current mainstream luxury consumption group in mainland China has reached 16% of the total population, or about 200 million people, and is growing at 25% per year.

China's luxury consumers are not only the rich class in Pyramid, China, but also a group of young upstarts who are hidden among ordinary consumers. The new rich crowd has become an important force to stimulate high-end consumption of luxury goods, and luxury consumption is showing a younger trend. These people are mainly a second tier city living in China, with a monthly income of between 20 thousand yuan and 50 thousand yuan, which is a new class of luxury consumers.

The report found that most of these consumers bought luxury products for the new social environment, that is, the purchase of luxury goods is to have a luxury. They may not care about the design concept and cultural background of the product themselves, but rather want to let many people know that they are buying the most famous luxury goods. If it is a famous designer, the product is not a luxury product. Most consumers of this type will not buy it.

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The 2010 China luxury goods report shows that besides the quality guarantee of luxury goods, the pursuit of high quality life and the status of social status, many of the ordinary white-collar workers spend more time on luxury goods than ever before.

This kind of psychology, through the long psychological change, makes the consumption behavior upgrade to a more important one than the internal one, from buying luxury to buying culture. The Chinese will spend more money on this process and wait until the consumer psychology is fully matured, at least when more than 50% of the Chinese people can afford luxuries.

The increasing consumption of luxury goods in China has also led to the new development of luxury market suppliers. At present, most of our luxury goods are still concentrated on clothing, perfume and watches. The luxury market is more mature. The historical experience of the country shows that in the later stage of market development, the luxury goods will gradually shift from luxury goods to luxury lifestyles and experiences.

Today, Travel Inn Personal, top furniture, art investment forum and top health care products specially tailored for the rich are also attracting attention in China. This change shows that Chinese buyers have begun to change their lifestyle.

　　 Rising trend of consumption abroad

The main areas for Chinese consumers to buy luxury goods are in China, Hongkong and Europe. 75% of Chinese tourists will take shopping as a major reason and important journey for outbound tourism. The trend of Chinese luxury goods consumption abroad is expanding, mainly due to the high tariffs in China and the large difference in the price of luxury goods at home and abroad.

Ouyang Kun, China's chief representative of the World Luxury Association, said that the implementation of the policy to reduce luxury tariffs can not only keep part of the luxury consumption in China, but also promote the development of surrounding industries and supporting businesses.

according to World Luxury Association In the study of luxury business in the European market, if there are customs or trends in outbound shopping, more Chinese will choose to go abroad for consumption. This will bring heavy losses to China's domestic demand market.

Chen Deming, Minister of Commerce, delivered a speech recently expressing the Ministry of Commerce's attitude towards the luxury market. The relevant government departments in China are expected to adjust the luxury market in 2012, mainly to solve the problem of consumption balance, such as the difference of luxury goods at home and abroad. Besides, once the tariff is lowered, luxury brands will accelerate their expansion and opening up in China, thereby stimulating the prosperity and development of China's commercial real estate and shopping centers.

　　 Local brands are absent from the international market

Compared with hot foreign luxury goods, China's luxury consumption is short of international market.

China's luxury market is an unopened gold mountain. Although there are good local luxury brands, such as high-end liquor brands, handmade clothing shops, and high-end mahogany furniture, there is hardly any climate, and it has not been influential worldwide.

China's luxury goods market is attracting the attention of many foreign luxury brands. Unfortunately, China's luxury goods are missing, which has not attracted enough attention from Chinese local entrepreneurs.

On the other hand, it is regrettable that although China's market is huge, the value of jade, such as the value of local luxury goods, can only appear in Asia. But in Europe and America, the consumption of jade accounts for only 3% of the European jewelry market. Such a small market share makes it difficult for China's jade products to be globalized.

Historically, it has been more than thirty years since the reform and opening up. This is not enough for the formation and growth of local luxury brands, but some brands of liquor, furniture and jewellery already have some characteristics of luxury goods. I hope they can be more steady and long-term on the road of internationalization.

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According to statistics, in the luxury consumption, Chinese outbound purchases account for 57%, and New York, Paris, Tokyo and Rome are popular consumption places. Overseas purchasing accounts for 23%, including beauty cosmetics, clothing shoes bags, jewelry watches and so on. In addition, 20% of the luxury consumption is in domestic stores.

The report says China is high-end. brand watches Luxury goods such as brand-name perfume, high-end cosmetics, bags and so on are subject to higher tariffs and special consumption tax, resulting in huge difference between luxury goods at home and abroad, and many consumers choose to buy abroad or buy on behalf of them. It is proposed to adjust the structure of luxury goods tariffs, lower the tariffs on medium and low grade luxury goods, and appropriately reduce the tariffs and excise taxes on high-grade luxury goods, which do not have high capacity but have high demand, and change the situation that large quantities of consumption flow to overseas.