Global And China Luxury Apparel Market And Industry Research Report 2014-2017: MarketResearchReport.Biz
Albany, NY (PRWEB) July 31, 2014 -- With the improvement of people’s income as well as the prosperity of agent purchasing and gifting, the luxury market in China (especially Mainland China) has achieved steady growth over the recent years. During 2004-2011, China's total consumption of luxury goods showed a CAGR of 20.9%. Influenced by the policies of anti-corruption, suppression of gifting and consumption with public funds, the growth rate of luxury consumption in China has been slowing down rapidly. In 2013, total luxury consumption in China was RMB 116 billion, up by only 2.1% YoY, falling 5.1 points compared to the growth rate in 2012.
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In 2013, China's total consumption of luxury apparel was RMB 76.13 billion, accounting for 65.6% of the total consumption of luxury goods, and it is expected to reach about RMB 89.04 billion in 2017.
Wristwatches, bags & suitcases and men's wear are major luxury apparel consumer products in China, which accounted for 72.9% of total consumption of luxury apparel in China in 2013. Among them, wristwatches made up the highest proportion 35.0%.
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Being optimistic about the prospects of China's luxury market, the world's major apparel brands such as Louis Vuitton (LV), Hermes, Burberry, Gucci, Prada, Fendi and Thomas Pink all have begun their layout in China in recent years.
LV: a global luxury apparel brand with the highest value in 2014. As of the end of June, 2014, LV has a total of 50 specialty stores in 33 cities in Chinese Mainland, adding one city (Jinan) and 5 specialty stores compared with the numbers in 2013.
Hermès: the most popular luxury brand in China in 2014, with brand value reaching USD 21.84 billion. As for its strategy in China, Hermès draws close to the Chinese consumers through its "Shang Xia" brand and through building Chinese-style luxury. Currently, there are two "Shang Xia" brand stores each in Shanghai and Paris.
Burberry: the eighth largest luxury brand worldwide in 2014. In recent years, while actively strengthening partnership with Baidu, Youku and Alibaba, Burberry also opens the new online private customization service. In April 2014, Burberry online store successfully settled in http://www.tmall.com and became the first top luxury shop to open in China's B2C online stores.
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