China’s luxury consumption continue to grow , more than half of LV products bought by Chinese

Supported by a strong purchasing power of consumers in China, the luxury goods industry continues to heat up. Recently, the “hurun’s 2013 global luxury goods list”, there are 33 more than $1 billion (6.2 billion yuan) are a major source of wealth for rich for luxury goods. Ranked in the top three of “the king” luxury goods for: Louis vuitton (LV) [microblogs] arnott has a wealth of about RMB 320 billion yuan; L ‘oreal, and donor ingrid betancourt, a wealth of about RMB 190 billion yuan; Hermes Bertrand · famed wealth RMB 150 billion. Paris is the residence of rich luxury brands preferred, 33 luxury list seven lives in Paris. According to statistics, rich luxury brand in the average wealth hurun rich list’s average global wealth is twice as much.

It is worth noting that Chinese consumers become the most important consumer groups of the luxury industry, Chinese consumers will no doubt become the most important consumer groups of the luxury goods industry, especially because of the overseas tourism in recent years and duty-free shopping demand rising.

Bain consulting, survey statistics show that China’s luxury market (not including Hong Kong and Macao, mainland deals) from 140.3 billion yuan in 2008, the rapid growth in 2011 to 266 billion yuan. When global markets fell by 8% in 2009, the Chinese market still maintain the 12% growth, after two years growth at around 30%. In 2012, the Chinese consumer has become the world’s luxury goods consumption group, the Chinese luxury consumption accounted for 25% of amount of total world. According to the McKinsey that by 2025, the Chinese luxury market within the territory of foreign consumption amount will account for 50% of the world’s total luxury consumption high.

The U.S. travelassociation President Jacques rogge has spoken, Chinese tourists are “mobile wallet”, the average Chinese tourists on a trip in the United States spends about $7200, which snapped up all sorts of luxuries are spent at least half.

Hurun report, chairman and chief researcher of hurun is pointed out that “a lot of luxury brand sales of more than 20% are Chinese consumers contribute, even more than 50% of Louisvuitton are bought by Chinese .”

However, compared with luxury Chinese rich consumers, luxury goods to Europe and the United States, make money from the rich is more difficult. American express issued several reports suggest that although Europe and the United States in both the number and the super-rich have net assets are in progressing, but for them , the hot of consumption of luxury goods fell every year.

American express is based on fashion, dining, travel and 100 senior executives in the field of design and its richest 100 western customers luxury consumption habits were investigated. Final results show that, in euramerican developed countries, as luxury consumer mainstream of rich people, spend money buy luxury goods in the way, already don’t like 10 years or 5 years ago, so easily “deal or no deal”. Facing the increasingly wide variety of luxury brands, they often act coy, timid, and even the “off”.

In response, analysts pointed out that Europe and the United States economic recessionmakes rich people “fiscally hollow,”. But crucially, rich people, before hand, are likely to give priority to environmental and social issues. In addition, the European and American consumers nowadays more valued is a luxury aesthetic design and practical value in the luxury products.

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