2017 CHINA MARKET OVERVIEW – LUXURY
In 2016, China’s luxury goods consumption fell to the lowest since 2009, which was mainly due to the slowdown in China’s economy. By 2025, it is expected that Chinese consumers will contribute 44% of global luxury market value, which is equivalent to the total sales volume of the US, UK, France, Italy and Japan in 2016.
2017 CHINA MARKET OVERVIEW – LUXURY
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2017 CHINA MARKET OVERVIEW – THE RICH
Although China’s economy growth has slowed down over the past year, the number of high-net-worth people in China continued to grow at a double-digit rate, reaching 1.34 million by 2016, an increase of 10.7% over the previous year.
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2017 CHINA MARKET OVERVIEW – IMMIGRATION & OVERSEAS STUDY
The destination preferred by China's high-net-worth immigrants is the United States. For Chinese high-net-worth individuals, the main reason for immigration is education quality and environmental pollution. Over the past decade, the number of people studying abroad in China has quadrupled and the scale of people studying abroad has grown.
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2017 CHINA MARKET OVERVIEW – ECONOMY
Economically, although China has become the world's second-largest economy, its GDP growth rate further declined in 2016, and the overall economic situation in China will not be optimistic.
2017 CHINA MARKET OVERVIEW – ECONOMY
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2017 CHINA MARKET OVERVIEW – CITY
Considering population mobility and general birth rate, the number of cities with a population of over 1 million have kept increasing.