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Country Report

Luxury Goods in

Luxury Goods in China

64 pages, Feb 2018

US$1,210

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Executive Summary

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The performance of luxury goods picks up

Overall, luxury goods in China outperformed the previous year in 2017, demonstrating the fastest growth momentum in retail current value terms of the whole review period. The recovery trend reflected a move from outbound to inbound consumption in the context of luxury goods.

The luxury goods market eyes the rising number of middle-class millennials

The Chinese luxury goods market is embracing ever-younger consumer groups, as the domestic wealthy consumer group has become younger, supported by the burgeoning millennial generation due to the high birth rate between 1985 and 1995 in China. In the face of the rising number of middle-class consumers in China, luxury goods producers have endeavoured to enrich their product lines, in particular eyeing younger consumers, many of whom know what they want, but have comparatively limited purchasing power.

Uneven performance between categories in luxury goods

Although China began to rally in terms of sales of luxury goods, the performance of different categories in the Chinese market varied considerably in the review period. Categories such as fine wines/champagne and spirits, luxury cars and super premium beauty and personal care saw double-digit growth in current value terms in 2017, supported by positive factors including reduced duties on some imported luxury goods, stable demand for wedding gifts and a stringent policy to crack down on the grey-market daigou, or personal shoppers overseas.

Internet retailing is developing further and attracting more players

Even though store-based retailing maintained the largest share in luxury goods in 2017, internet retailing saw rapid growth during the review period, thanks to changing consumer purchasing behaviour and the constant improvement of online platforms. In order to explore and conquer markets in peripheral cities, more manufacturers managed to operate self-owned websites or online flagship stores via e-commerce channels such as JD.

Continued value growth over the forecast period

Luxury goods is expected to see continuous growth over the forecast period, driven by the rising number of middle- and upper-middle-class consumers in China, the trading up trend, as well as the pursuit of fashionable and fun lifestyles. Increasing purchasing power will contribute to stronger sales of luxury cars and luxury hotels.

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Luxury Goods Sample Report Luxury Goods Sample Data

Overview

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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.

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Overview

Discover the latest market trends and uncover sources of future market growth for the Luxury Goods industry in China with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Luxury Goods industry in China, our research will save you time and money while empowering you to make informed, profitable decisions.

The Luxury Goods in China market research report includes:

Analysis of key supply-side and demand trends
Detailed segmentation of international and local products
Historic volumes and values, company and brand market shares
Five year forecasts of market trends and market growth
Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

What is the market size of Luxury Goods in China?
What are the major brands in China?
How dynamic is the growth of Luxury Goods internet sales?
What is driving growth?

Why buy this report?

Gain competitive intelligence about market leaders
Track key industry trends, opportunities and threats
Inform your marketing, brand, strategy and market development, sales and supply function

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Luxury Goods in China

EXECUTIVE SUMMARY

The performance of luxury goods picks up

The luxury goods market eyes the rising number of middle-class millennials

Uneven performance between categories in luxury goods

Internet retailing is developing further and attracting more players

Continued value growth over the forecast period

MARKET INDICATORS

Table 1 Number of High Net Worth Individuals (HNWI): 2012-2017

MARKET DATA

Table 2 Sales of Luxury Goods by Category: Value 2012-2017
Table 3 Sales of Luxury Goods by Category: % Value Growth 2012-2017
Table 4 Inbound Receipts for Luxury Goods by Country of Origin: Value 2013-2017
Table 5 NBO Company Shares of Luxury Goods: % Value 2012-2016
Table 6 LBN Brand Shares of Luxury Goods: % Value 2013-2016
Table 7 Distribution of Luxury Goods by Format and Category: % Value 2017
Table 8 Forecast Sales of Luxury Goods by Category: Value 2017-2022
Table 9 Forecast Sales of Luxury Goods by Category: % Value Growth 2017-2022

SOURCES

Summary 1 Research Sources

Designer Apparel and Footwear (Ready-To-Wear) in China

HEADLINES

PROSPECTS

Internet retailing becomes indispensable to designer apparel and footwear players

Designer childrenswear sees the fastest growth

COMPETITIVE LANDSCAPE

Competition amongst well-known brands

Celebrity endorsement boosts sales

Customised apparel and footwear (ready-to-wear) becomes popular

CATEGORY DATA

Table 10 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2012-2017
Table 11 Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2012-2017
Table 12 NBO Company Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2012-2016
Table 13 LBN Brand Shares of Designer Apparel and Footwear (Ready-to-Wear): % Value 2013-2016
Table 14 Distribution of Designer Apparel and Footwear (Ready-to-Wear) by Format: % Value 2012-2017
Table 15 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: Value 2017-2022
Table 16 Forecast Sales of Designer Apparel and Footwear (Ready-to-Wear) by Category: % Value Growth 2017-2022

Fine Wines/Champagne and Spirits in China

HEADLINES

PROSPECTS

Premiumisation of alcoholic drinks consumption drives demand for fine wines/champagne and spirits

Tax reform by the Chinese State Council stimulates growth

Overall distribution becomes more integrated, with a higher degree of specialisation

COMPETITIVE LANDSCAPE

Other luxury spirits sees the fastest growth, driven by premium baijiu

Foreign brands adopt a dedicated localised sales and marketing strategy

CATEGORY DATA

Table 17 Sales of Fine Wines/Champagne and Spirits by Category: Value 2012-2017
Table 18 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2012-2017
Table 19 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2012-2016
Table 20 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2013-2016
Table 21 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2012-2017
Table 22 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2017-2022
Table 23 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2017-2022

Super Premium Beauty and Personal Care in China

HEADLINES

PROSPECTS

Millennials become the major driver of sales in super premium beauty and personal care

Colour cosmetics is the growth engine in China

Internet retailing contributes to growth

COMPETITIVE LANDSCAPE

Dior and Chanel are the most coveted super premium beauty and personal care brands

Multinational brands dominate super premium beauty and personal care in China

CATEGORY DATA

Table 24 Sales of Super Premium Beauty and Personal Care by Category: Value 2012-2017
Table 25 Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2012-2017
Table 26 NBO Company Shares of Super Premium Beauty and Personal Care: % Value 2012-2016
Table 27 LBN Brand Shares of Super Premium Beauty and Personal Care: % Value 2013-2016
Table 28 Distribution of Super Premium Beauty and Personal Care by Format: % Value 2012-2017
Table 29 Forecast Sales of Super Premium Beauty and Personal Care by Category: Value 2017-2022
Table 30 Forecast Sales of Super Premium Beauty and Personal Care by Category: % Value Growth 2017-2022

Luxury Writing Instruments and Stationery in China

HEADLINES

PROSPECTS

Declining demand for luxury writing instruments and stationery

The popularisation of electronic products contributes to the decline of luxury writing instruments and stationery

Facing an unfavourable environment

COMPETITIVE LANDSCAPE

Montblanc maintains its leading position in China

Luxury writing instruments and stationery remains highly consolidated

CATEGORY DATA

Table 31 Sales of Luxury Writing Instruments and Stationery: Value 2012-2017
Table 32 Sales of Luxury Writing Instruments and Stationery: % Value Growth 2012-2017
Table 33 NBO Company Shares of Luxury Writing Instruments and Stationery: % Value 2012-2016
Table 34 LBN Brand Shares of Luxury Writing Instruments and Stationery: % Value 2013-2016
Table 35 Distribution of Luxury Writing Instruments and Stationery by Format: % Value 2012-2017
Table 36 Forecast Sales of Luxury Writing Instruments and Stationery: Value 2017-2022
Table 37 Forecast Sales of Luxury Writing Instruments and Stationery: % Value Growth 2017-2022

Luxury Timepieces in China

HEADLINES

PROSPECTS

The domestic market starts to recover, led by the rising consumption of imported luxury timepieces

Internet retailing is on the rise in the digital era

Women’s luxury timepieces outperforms men’s luxury timepieces

COMPETITIVE LANDSCAPE

Cie Financière Richemont leads luxury timepieces in 2016

Innovative marketing campaigns intensify

CATEGORY DATA

Table 38 Sales of Luxury Timepieces by Category: Value 2012-2017
Table 39 Sales of Luxury Timepieces by Category: % Value Growth 2012-2017
Table 40 NBO Company Shares of Luxury Timepieces: % Value 2012-2016
Table 41 LBN Brand Shares of Luxury Timepieces: % Value 2013-2016
Table 42 Distribution of Luxury Timepieces by Format: % Value 2012-2017
Table 43 Forecast Sales of Luxury Timepieces by Category: Value 2017-2022
Table 44 Forecast Sales of Luxury Timepieces by Category: % Value Growth 2017-2022

Luxury Portable Consumer Electronics in China

HEADLINES

PROSPECTS

The average unit price declines in luxury portable consumer electronics

Personalised designs gain prevalence to cater to segmented consumer demand

Store-based distribution dominates overall retailing in China

COMPETITIVE LANDSCAPE

Vertu Corp gradually loses strength due to financial issues

New entrants intensify the competition in the review period

CATEGORY DATA

Table 45 Sales of Luxury Portable Consumer Electronics by Category: Value 2012-2017
Table 46 Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2012-2017
Table 47 NBO Company Shares of Luxury Portable Consumer Electronics: % Value 2012-2016
Table 48 LBN Brand Shares of Luxury Portable Consumer Electronics: % Value 2013-2016
Table 49 Distribution of Luxury Portable Consumer Electronics by Format: % Value 2012-2017
Table 50 Forecast Sales of Luxury Portable Consumer Electronics by Category: Value 2017-2022
Table 51 Forecast Sales of Luxury Portable Consumer Electronics by Category: % Value Growth 2017-2022

Luxury Leather Goods in China

HEADLINES

PROSPECTS

Personalised luxury leather goods attract more consumers in China

The increasing consumer base enhances the growth potential of luxury leather goods

Changes in marketing communications

COMPETITIVE LANDSCAPE

Affordable luxury brands prevail in luxury leather goods

Instead of classic styles, innovative designs are soaring in luxury leather goods

CATEGORY DATA

Table 52 Sales of Luxury Leather Goods: Value 2012-2017
Table 53 Sales of Luxury Leather Goods: % Value Growth 2012-2017
Table 54 NBO Company Shares of Luxury Leather Goods: % Value 2012-2016
Table 55 LBN Brand Shares of Luxury Leather Goods: % Value 2013-2016
Table 56 Distribution of Luxury Leather Goods by Format: % Value 2012-2017
Table 57 Forecast Sales of Luxury Leather Goods: Value 2017-2022
Table 58 Forecast Sales of Luxury Leather Goods: % Value Growth 2017-2022

Luxury Jewellery in China

HEADLINES

PROSPECTS

Unit prices fluctuate in line with the macro environment

Luxury costume jewellery outpaces luxury fine jewellery

Women’s luxury fine jewellery grows faster than men’s luxury fine jewellery

COMPETITIVE LANDSCAPE

Celebrity power used to increase brand awareness

Investment in internet distribution is rising, to satisfy younger consumers

CATEGORY DATA

Table 59 Sales of Luxury Jewellery by Category: Value 2012-2017
Table 60 Sales of Luxury Jewellery by Category: % Value Growth 2012-2017
Table 61 NBO Company Shares of Luxury Jewellery: % Value 2012-2016
Table 62 LBN Brand Shares of Luxury Jewellery: % Value 2013-2016
Table 63 Distribution of Luxury Jewellery by Format: % Value 2012-2017
Table 64 Forecast Sales of Luxury Jewellery by Category: Value 2017-2022
Table 65 Forecast Sales of Luxury Jewellery by Category: % Value Growth 2017-2022

Luxury Hotels (5-Star Plus) in China

HEADLINES

PROSPECTS

Growth in domestic tourism stimulates demand for luxury hotels

Luxury hotels in China tend to embrace the application of technology intelligence

Transboundary strategic cooperation is on the rise amongst luxury hotels in China

COMPETITIVE LANDSCAPE

International brands in luxury hotels accelerate the pace of outlet opening

Domestic brands emphasise the national culture to get a competitive edge

CATEGORY DATA

Table 66 Sales in Luxury Hotels (5-star plus): Value 2012-2017
Table 67 Sales in Luxury Hotels (5-star plus): % Value Growth 2012-2017
Table 68 Sales in Luxury Hotels (5-star plus) by Country of Origin: % Value 2013-2017
Table 69 NBO Company Shares of Luxury Hotels (5-star plus): % Value 2012-2016
Table 70 LBN Brand Shares of Luxury Hotels (5-star plus): % Value 2013-2016
Table 71 Forecast Sales in Luxury Hotels (5-star plus): Value 2017-2022
Table 72 Forecast Sales in Luxury Hotels (5-star plus): % Value Growth 2017-2022

Luxury Eyewear in China

HEADLINES

PROSPECTS

Luxury eyewear is recovering, driven by the younger generation

Women’s luxury sunglasses maintains its strong appeal

Internet retailing boosts growth in luxury eyewear

COMPETITIVE LANDSCAPE

Ray-Ban remains the best-selling brand in luxury eyewear in China

Cooperation with famous celebrities to promote brands

CATEGORY DATA

Table 73 Sales of Luxury Eyewear by Category: Value 2012-2017
Table 74 Sales of Luxury Eyewear by Category: % Value Growth 2012-2017
Table 75 NBO Company Shares of Luxury Eyewear: % Value 2012-2016
Table 76 LBN Brand Shares of Luxury Eyewear: % Value 2013-2016
Table 77 Distribution of Luxury Eyewear by Format: % Value 2012-2017
Table 78 Forecast Sales of Luxury Eyewear by Category: Value 2017-2022
Table 79 Forecast Sales of Luxury Eyewear by Category: % Value Growth 2017-2022

Luxury Cars in China

HEADLINES

PROSPECTS

Players in luxury cars offer extra entry-level models, eyeing ever-younger consumers

SUVs gain prevalence in luxury cars in China

Luxury cars sees personalisation to cater to diverse consumer needs, aided by consumption upgrading

COMPETITIVE LANDSCAPE

Luxury cars presents a concentrated landscape in the review period

The level of competition amongst producers of luxury cars is on the rise

CATEGORY DATA

Table 80 Sales of Luxury Cars: Value 2012-2017
Table 81 Sales of Luxury Cars: % Value Growth 2012-2017
Table 82 NBO Company Shares of Luxury Cars: % Value 2012-2016
Table 83 LBN Brand Shares of Luxury Cars: % Value 2013-2016
Table 84 Forecast Sales of Luxury Cars: Value 2017-2022
Table 85 Forecast Sales of Luxury Cars: % Value Growth 2017-2022

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Megatrends

Country Report

Luxury Goods in China

New Report Guarantee

Executive Summary

New Report Guarantee

The performance of luxury goods picks up

The luxury goods market eyes the rising number of middle-class millennials

Uneven performance between categories in luxury goods

Internet retailing is developing further and attracting more players

Continued value growth over the forecast period

Samples

Overview

Why buy this report?

Samples (FAQs about samples):

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Table of Contents

Luxury Goods in China

EXECUTIVE SUMMARY

The performance of luxury goods picks up

The luxury goods market eyes the rising number of middle-class millennials

Uneven performance between categories in luxury goods

Internet retailing is developing further and attracting more players

Continued value growth over the forecast period

MARKET INDICATORS

MARKET DATA

SOURCES

Designer Apparel and Footwear (Ready-To-Wear) in China

HEADLINES

PROSPECTS

Internet retailing becomes indispensable to designer apparel and footwear players

Designer childrenswear sees the fastest growth

COMPETITIVE LANDSCAPE

Competition amongst well-known brands

Celebrity endorsement boosts sales

Customised apparel and footwear (ready-to-wear) becomes popular

CATEGORY DATA

Fine Wines/Champagne and Spirits in China

HEADLINES

PROSPECTS

Premiumisation of alcoholic drinks consumption drives demand for fine wines/champagne and spirits

Tax reform by the Chinese State Council stimulates growth

Overall distribution becomes more integrated, with a higher degree of specialisation

COMPETITIVE LANDSCAPE

Other luxury spirits sees the fastest growth, driven by premium baijiu

Foreign brands adopt a dedicated localised sales and marketing strategy

CATEGORY DATA

Super Premium Beauty and Personal Care in China

HEADLINES

PROSPECTS

Millennials become the major driver of sales in super premium beauty and personal care

Colour cosmetics is the growth engine in China

Internet retailing contributes to growth

COMPETITIVE LANDSCAPE

Dior and Chanel are the most coveted super premium beauty and personal care brands

Multinational brands dominate super premium beauty and personal care in China

CATEGORY DATA

Luxury Writing Instruments and Stationery in China

HEADLINES

PROSPECTS

Declining demand for luxury writing instruments and stationery

The popularisation of electronic products contributes to the decline of luxury writing instruments and stationery

Facing an unfavourable environment

COMPETITIVE LANDSCAPE

Montblanc maintains its leading position in China

Luxury writing instruments and stationery remains highly consolidated

CATEGORY DATA

Luxury Timepieces in China

HEADLINES

PROSPECTS

The domestic market starts to recover, led by the rising consumption of imported luxury timepieces

Internet retailing is on the rise in the digital era

Women’s luxury timepieces outperforms men’s luxury timepieces

COMPETITIVE LANDSCAPE

Cie Financière Richemont leads luxury timepieces in 2016

Innovative marketing campaigns intensify

CATEGORY DATA

Luxury Portable Consumer Electronics in China

HEADLINES

PROSPECTS