China's Luxury Market Is Down To Fourth Place.

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, but the Japanese market has been in the long-awaited recovery by the impact of exchange rate fluctuations, and small countries in Southeast Asia and sub Saharan Africa. income Imbalance also stimulates 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, and many luxury brands 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. production The rebound can be seen that GDP's actual growth rate is smaller than expected.

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 clothing brands account for the largest proportion of luxury sales in 2014, but accessories and jewellery clocks are the most active category, with real growth of 43% and 25% in the past 5 years.

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