Last year, luxury consumption in China exceeded 1 trillion yuan, accounting for nearly 40% of the global market.
On the 18th, China's Pengpai News cited the "China Luxury Report" by the local research institute Yaoke Research Institute, stating that Chinese luxury consumption increased by 9% year-on-year to 1.042 trillion yuan (approximately 193.416 trillion KRW). The global luxury market size grew by 7% from the previous year to 2.7232 trillion yuan, with China's consumption accounting for 38% of the total.
Zhou Ting, director of Yaoke Research Institute, explained, "The global luxury industry is being reshaped," adding, "China's luxury industry is becoming a key driver of consumption growth."
Last year, the luxury market size within China was 607.7 billion yuan, representing 22% of the global market. The report forecasted that the growth rate of China's luxury market this year would reach about 12%. Among Chinese luxury consumption, domestic consumption and overseas consumption accounted for 58% and 42%, respectively.
In the online market, the scale of domestic luxury brands in China grew by 17% to 257.4 billion yuan. Online sales accounted for 42% of the total Chinese luxury market. Yaoke Research Institute predicted that within the next 3 to 5 years, online luxury transactions will exceed 60%, and brands centered on offline channels will face significant challenges.
By city, Shanghai, Beijing, and Sanya have emerged as key cities for luxury consumption in China. Last year, Shanghai recorded the largest luxury consumption amounting to 53.5 billion yuan. Beijing and Sanya recorded 52.3 billion yuan and 45.5 billion yuan, respectively, while Haikou recorded 8.9 billion yuan. Haikou's consumption growth rate reached 89%, making it the fastest-growing city in terms of consumption in China.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
