China's Luxury Market Is Down To Fourth.

Here world Clothing and shoes Xiaobian's introduction to China is that the scale of China's luxury goods market has dropped to fourth.

The latest data clearly show that the global luxury industry is fluctuating. The adjustment of the Chinese market has led to slow growth in the whole Asian market. However, the Japanese market has ushered in the long-awaited recovery from the impact of exchange rate fluctuations. The income imbalance of small countries in Southeast Asia and sub Saharan Africa has also stimulated the consumption of high-income groups.

China's luxury market sales increased by 9 billion 600 million dollars in the 5 years before 2014. Only the absolute growth of the United States ranks above China, at 18 billion US dollars, and no other country can get close to this growth.

However, such high growth suddenly collapsed at the end of the economic recovery. Luxury goods The cards began to question their strategy in China and other emerging markets. Emerging economies are undergoing painful structural adjustment, and in these markets, the purchasing power of the middle class as the backbone of luxury consumption in the past 10 years has weakened. Of course, luxury brands, which are all over the world, will inevitably go downhill.

The scale of China's luxury goods market will drop from third to fourth in 2014, coupled with the impact of low economic growth and the government's suppression of luxury consumption. China's expectations have also been lowered. Euromonitor expects the actual growth rate in 2014 to be 4%, and the 2015 forecast is more optimistic, 6%. The good news is that the improvement of the external environment is a strong support for China's exports, which can be seen from the rebound in industrial production, and GDP's actual growth rate has exceeded expectations.

Although China's adjustment has been relatively slow, luxury consumption is still strong, and the prospect of luxury goods in China is still optimistic, thanks to the rapid growth of the labor market and income.

It is estimated that China's disposable income will grow by 64% in real terms in 2019. Under this drive, the real growth of luxury consumption will reach 52%.

Five trends revealed in the Euromonitor report:

The US remains the world's largest consumer of luxury goods, and the 2014 market is valued at $78 billion, two times that of Japan, which ranks second.

India is the fastest growing country for luxury consumption, and its market size has increased by 92% in the past 5 years.

China's rankings dropped from third to fourth, slowing economic growth and the government's policy of suppressing extravagance and waste.

Designer Brand clothing In 2014, the largest proportion of luxury goods sales, but accessories and jewellery clocks were the most active category. The actual growth in the past 5 years was 43% and 25% respectively.

The sales volume of the luxury goods industry is expected to reach US $405 billion in 2019, and the situation is optimistic.