IMARC Group, a leading market research company, has recently releases report titled “China Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the China luxury market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the China luxury market?
|Market Size in 2022||US$ 287.3 Billion|
|Market Forecast in 2028||US$ 391.5 Billion|
|Growth rate (2023 to 2028)||CAGR of 5.2%|
|Base Year of the Analysis||2022|
What is China luxury?
Luxury goods and services refer to non-essential but desirable products that are commonly related to wealth and exclusivity. They are usually of good quality, expensive, intended to appeal to people in a high social class, etc. Luxury goods and services offer great value. They consist of luxury automobiles, hospitality services, and food and beverages from high-end dining that provide comfort and elegance to the customers. These products assist in increasing self-esteem, confidence, and social standing and offer comfort and elegance. Luxury goods and services generally depend on marketing and promotions for communicating brand values.
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What are the growth prospects and trends in the China luxury?
The inflating disposable income levels of individuals are primarily augmenting the China luxury market. Furthermore, the increasing consumer inclination towards spending on lavish items, including designer clothes, shoes, cars, and the latest automobiles, is propelling the market growth. Apart from this, the escalating demand among the millennial population for expensive perfumes and cosmetics to boost confidence and enhance appearance is acting as another significant growth-inducing factor.
Moreover, the introduction of sustainable products that are manufactured from environmentally friendly raw materials, such as plant-based leather derived from pineapples, and can be used for producing jackets, handbags, footwear, etc., is also bolstering the market growth. Besides this, the rising penetration of e-commerce facilities, extensive investments by numerous luxury brands to expand their presence across the country, and the growing popularity of social media platforms are further catalyzing the market growth. Additionally, the widespread adoption of technology-embedded items and the development of upscale malls are expected to fuel the China luxury market in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Category:
- Travel and Hotel
- Personal Luxury Goods
- Food and Drinks
Breakup by Gender:
Breakup by Distribution Channel:
- Mono-Brand Stores
- Multi-Brand Stores
- Online Stores
Breakup by Geography:
Who are the key players operating in the industry?
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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