Crowd Survey: Luxury Consumption Will Increase

39% of respondents expect their customers to increase this year. Luxury goods Consumption, only 7% of respondents expect their customers to reduce consumption.

Knight Frank, the leading private real estate consultancy firm, released its latest Wealth Report in Shanghai yesterday. The report's "attitude survey" shows that luxury goods consumption of the world's ultra high net worth people is expected to increase in 2014.

39% of respondents expect their customers to add luxury this year. consumption Only 7% of respondents expected that their customers would reduce their consumption. The survey also shows that about 39% of Asia's ultra high net worth people expect their luxury consumption to increase this year. The markets in India and Indonesia are particularly optimistic, and more than half of those with high net worth believe they will increase their consumption of luxury goods. There are similar cases in Africa. Nearly half of the respondents expect to buy more luxury goods.

　　 International Luxury Market Research James Lawson, director of Ledbury Research, said: "there is no doubt that Asia has the highest share of global luxury brand sales, but this growth is slowing down. Many chief executives of international luxury brands believe that North America will be the most important growth market in the next five years. According to the wealth report, the top three brands in 2013 were Asia, Europe and North America, accounting for 43%, 25% and 20% respectively.

However, James Lawson points out that a large proportion of luxury consumption in the US and Europe come from increasing Chinese tourists. "Many brands expand too fast in China, but they now realize that many Chinese consumers like to shop abroad. This is not only because the price of shopping abroad is cheaper and superior, but even if it is Gucci handbag, buying in Milan is better than buying in Shanghai. " He said

Lin Hao Wen, director and director of Greater China research and consulting, said: "according to the 2013 luxury status report published by Boston Consultancy Group, overseas consumption accounts for about 25% of Chinese luxury consumption. China's luxury consumer survey results show that in 2013, about 94 million of Chinese tourists went abroad, an increase of 15% over 2012. Meanwhile, about 65% of China's ultra high net worth individuals say tourism is their favorite leisure activity.