China’s luxury market
Overview of China’s luxury market
Base year: 2023
History Year: 2018-2023
Forecast year: 2024-2032
Market growth rate: 4.68% (2024-2032)
The growing demand for premium products and experience reflects China’s growing wealth and evolving consumer preferences, providing great opportunities for luxury brands. According to IMARC Group, China’s luxury market size reached US$32.2 billion in 2023. Looking forward to Fushing, the IMARC Group expects the market to reach US$456.1 billion by 2032, showing a 4.68% growth rate (CAGR) for 2024-2032.
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Trends and drivers in China’s luxury industry:
China’s luxury market is growing rapidly. This is due to increased income, changing consumer demand, and the impact of younger generations. The wealthy Chinese consumers, especially Millennials and Generation Z, are restructuring the industry. They want exclusive, high quality products and a unique brand experience. These consumers care about what makes a brand special and its story. Therefore, luxury brands should focus on personalization, digital interaction, and sustainability. These platforms allow brands to establish a direct connection with consumers. It also offers a smooth shopping experience that links online stores with physical stores. More than just clothing, accessories and beauty, it’s gaining popularity. These include high-end wellness, stylish furniture and a unique vacation experience. This shows that China’s luxury is growing and changing.
Sustainability and innovation are key to shaping the future of China’s luxury market. Sustainable consumption and production are more important than ever. Customers care about environmental and ethical issues when they shop. This change will encourage luxury brands to use eco-friendly materials. They need to source materials responsibly and ensure transparency in their supply chains. Sustainable luxury is growing. This trend increases investment in resale platforms, rental services and circular fashion. Digital conversion is an important trend. Luxury brands use artificial intelligence (AI), virtual reality (VR), and blockchain technology. They aim to enhance customer interactions and improve product certification. Metaverse and NFT are changing the way people see and buy luxury products. Tech-savvy consumers want unique digital assets. Consumer expectations are changing. Therefore, in China’s high-end market, innovation and revision are important. This market continues to grow and become an industry leader.
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China’s luxury industry segmentation:
The report divided the market into the following categories:
Category divisions:
●Travel and hotel
●Car
●Personal luxury items
Food and drink
●Other
Gender-based division:
●Male
●Female
Disruption by distribution channels:
●Monobrand store
●Multi-brand store
●Online store
●Other
Local insights:
●Northern China
●East China
South China
Southwest China
●Northwest China
●Northeast China
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A competitive landscape:
The competitive landscape of the industry is also being investigated along with the profiles of key players.
Key highlights of the report:
●Market performance (2018-2023)
●Market outlook (2024-2032)
●Impact on the Covid-19 market
● Porter’s five force analysis
●Strategic Recommendations
●Historical, current and future market trends
Market drivers and success factors
●SWOT analysis
● Market structure
Value Chain Analysis
Comprehensive mapping of competitive situations
Note: If you want certain information that is not currently within the scope of the report, it can be provided as part of your customization.
About Us:
IMARC Group is a global management consulting company that helps the world’s most ambitious changemakers create lasting impact. The company offers a comprehensive suite of market entry and expansion services. IMARC offers include thorough market assessments, feasibility studies, helping to establish a company, factory setup support, regulatory approval and license navigation, branding, marketing and sales strategies, competitive landscapes, E and benchmark analysis, pricing and cost studies, and procurement research.
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This release has been published on OpenPR.
