China To Become Second Largest Luxury Market Soon

  • --
Share on FacebookTweet ThisPin ItEmail this to a Friend
China To Become Second Largest Luxury Market Soon
In a bit of proof of the savviness of mega luxury brands like Burberry and Hermes breaking in to the Chinese market early, industry reports are betting that the Chinese luxury market will outstrip that of France, Britain Italy and Japan in about 5 years, becoming the second largest in the world next to the United States.

Even in the global recession, worldwide luxury markets have increased by 4% since last year, and saw $302 billion in global sales. Forecasts are predicting that the market is going to grow by 65% between 2010 and 2015--a huge, huge jump that will be driven in large part due to the Chinese economic boom.

Designers have been courting Chinese markets with runway shows and luxury boutiques for the past few years--most recently Vera Wang announced a massive new bridal boutique planned for Shanghai to be celebrated by a runway show during Shanghai Fashion Week.

So it's seeming more and more likely that in the space of a decade, editors and bloggers might be schlepping to Shanghai and Beijing for shows after Paris. Considering the fact that China has close to a million millionaires (and that group is constantly growing), many of whom are young and looking for luxury status symbols to set them apart.
Share on FacebookTweet ThisPin ItEmail this to a Friend