The long national holidays, double 11 shopping festival, and Christmas season will likely boost China's luxury e-commerce sales in the fourth quarter.
PORT WASHINGTON, N.Y. (PRWEB) November 10, 2022
According to The NPD Group, for the year-to-date ending September 2022, e-commerce sales for luxury products in mainland China reached $1.2 billion (US), a decline of 1% versus the same period last year.
China’s luxury products market, which includes items sold in the footwear, jewelry, eyewear, luggage and bags, watch, and apparel categories, experienced a 30% increase in sales in the first quarter of this year and a 1% increase over in the first half, when compared to the same time periods in 2021. Sales declined in the second and third quarters of 2022, falling 14% and 5%, respectively.
“The lockdowns in major Chinese cities, combined with the economic slowdown, led to decreasing luxury sales in the second and third quarters. However, the long national holidays, double 11 shopping festival, and Christmas season will likely boost luxury e-commerce sales in the fourth quarter,” said Samuel Yan, e-commerce commercial lead, NPD.
Apparel and footwear experienced respective increases of 15% and 11% so far this year, mainly due to growth in average selling prices. Watches saw the highest decline, dropping 31%, followed by eyewear, which declined 23%, and jewelry, down 5%.
Luxury conglomerates contributed the most to industry sales in China. The top five luxury manufacturers generated $538 million in sales, taking 45% of the total value sales.
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About The NPD Group
NPD is a global market information company offering data, industry expertise, and prescriptive analytics to help our clients understand today’s retail landscape and prepare for the future. Over 2,000 companies worldwide rely on us to help them measure, predict, and improve performance across all channels, including brick-and-mortar, e-commerce, and B2B. We have services in 19 countries worldwide, with operations spanning the Americas, Europe, and APAC. Practice areas include apparel, appliances, automotive, beauty, books, B2B technology, consumer technology, e-commerce, fashion accessories, food consumption, foodservice, footwear, home, home improvement, juvenile products, media entertainment, mobile, office supplies, retail, sports, toys, and video games. For more information, visit npd.com. Follow us on Twitter: @npdgroup.