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Prior to the pandemic, China was becoming increasingly central to the global strategies of luxury goods brands, encouraging major multinational players to invest in local production, as well as tailoring their product development, marketing and distribution strategies to the specific requirements of the local market. Premium and luxury cars manufacturer, Tesla, opened its first factory outside the US in Shanghai in 2019, while fine wines/champagne and spirits player, Pernod Ricard plans to open China’s first whiskey distillery by 2021.
There was a strict lockdown in Hubei province in China from 23 January to 8 April, while other provinces imposed different social distancing policies and partial lockdowns. Movement in and out of the worst-hit provinces was banned until 4 February, with 14 days quarantine required for those moving between provinces.
The top four players in the Chinese luxury goods market are all specialists in premium and luxury cars, primarily because of the high unit prices commanded in the category. Indeed, six of the top eight luxury goods players are car manufacturers, with the other two being distillers.
While store-based retailing continued to dominate luxury goods sales in 2019 it was becoming increasingly difficult for brands to ignore the dynamism and growing influence of e-commerce in the Chinese market, especially as they sought to generate recognition and sales amongst younger consumers. Across personal luxury categories, major brands had been increasingly partnering with e-commerce platforms such as Tmall and JD.
The Chinese luxury goods market is expected to experience a strong rebound in 2021 as many consumers will engage in revenge shopping for luxury goods after lengthy restrictions on their freedoms since the onset of COVID-19. The market’s expansion is also expected to continue being driven by growing demand amongst millennial and Gen Z consumers, supported by luxury brands’ increasing focus on tailoring their product innovation, marketing and distribution strategies to these consumer groups.
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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.
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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.