2016 China Market Overview - Luxury
English
Since 2012, due to Chinese government’s strengthening of anti-corruption, some luxury goods declined in consumption, especially like watches, luggage and men’s clothing. In addition, luxury consumers in China were increasingly inclined to get luxury information through the internet, like Weibo, WeChat, mobile applications, etc.
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2016 China Market Overview - Luxury
Summary
- China’s luxury market scale dropped by 2% to CNY113 billion in 2015 year on year. Declining sales in watches, menswear, bags and luggage were the main reasons triggering the downturn luxury market, especially in north China and northeast China.
- Sales and customers of luxury stores and emerging brands have decreased year on year. Some following consequences were caused, such as the close of brand stores, more cautious about online store expansion, more efforts in the maintenance and renovation of core stores.
- Luxury consumers are more willing than before to participate in digital channels, thus brands will keep on expanding their digital marketing platforms. Some brands are already testing their online channels now（official websites or third-party platforms）.
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