China Luxury Market Share, Growth Forecast Report 2023-2028

GUIZHOU, China - Aug. 14, 2023 - PRLog -- How big is the China Luxury Market?

The China luxury market size reached US$ 287.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 391.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.

Luxury products are high-end, exclusive items that are associated with superior quality, craftsmanship, and prestige. These products are often characterized by their exquisite design, attention to detail, and use of premium materials. They cater to consumers who seek exceptional quality, exclusivity, and a symbol of status or wealth. These products are known for their exceptional craftsmanship, timeless designs, and the ability to retain or appreciate in value. In addition, luxury cosmetics and fragrances are associated with prestigious brands that offer high-quality products with innovative formulations, luxurious packaging, and exclusive scents. They are often positioned as symbols of indulgence and glamour.

China luxury industry Trends:

The China luxury market is experiencing a remarkable surge driven by the rising purchasing power of Chinese consumers. As the middle class expands and more individuals achieve higher income levels, there is a significant increase in discretionary spending on luxury products. The desire for luxury goods, such as designer apparel, accessories, jewelry, watches, and automobiles, has become a status symbol for many affluent Chinese consumers, reflecting their social standing and success. This strong aspiration for luxury brands is fueling the growth of the market, with consumers seeking high-end products that showcase their wealth and personal style. Another driving force behind the growth of the luxury market is the influence of digitalization and e-commerce. China has witnessed a massive surge in online shopping, particularly through mobile devices and popular e-commerce platforms.

The convenience, wider product selection, and competitive pricing offered by online channels have reshaped consumer behavior and propelled the luxury market forward. Luxury brands are increasingly capitalizing on this trend by establishing robust online presences, partnering with digital platforms, and leveraging social media to engage with Chinese consumers, build brand loyalty, and drive sales.

The report has segmented the China luxury market (https://www.imarcgroup.com/china-luxury-market) into the following categories:

By Category:

• Travel and Hotel
• Cars
• Personal Luxury Goods
• Food and Drinks
• Others

By Gender:

• Male
• Female

By Distribution Channel:

• Mono-Brand Stores
• Multi-Brand Stores
• Online Stores
• Others

By Region:

• Guangdong
• Jiangsu
• Zhejiang
• Henan
• Sichuan
• Shanghai
• Others

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