Luxury goods sales and the luxury goods market have been expanding significantly in recent years and nowhere is this truer than in the People’s Republic of China. The increasing affordability of luxury goods in China has resulted in the expectation that purchases are to hit 74 billion euros by 2020 while luxury purchases made by the Chinese abroad are expected to reach 86 billion euros. In 2015, China is expected to account for 20 percent of global luxury sales. Organic sales of luxury goods grew by 47 percent in China as of 2011. Sales of high-end watches led the growth, followed by women’s and men’s clothing, as well as leather goods. The market volume of China online luxury shopping reached 6.4 billion yuan as of 2010.

Ever increasing brand awareness and brand association with wealth and success has resulted in the fact that major global brands are now making headway in China. Louis Vuitton is the most popular luxury brand in China leading before Armani and Burberry. Louis Vuitton sales in China accounted for 11 percent of its global sales as of 2011. In 2012, Louis Vuitton had 39 luxury stores in China.

More information on global luxury goods industry can be found here.

Overview of the most important facts:

Forecast for Mainland Chinese demand for luxury goods from 2010 to 2020

Sales of top-range and luxury cars in China from 2006 to 2010 including a forecast up to and including 2014

Distribution of consumer spending on luxury goods in China in 2010 and a forecast for 2015, by income group

Reasons to buy luxury goods in China in 2012

Photo: istockphoto.com / hronos7; sxc.hu / benglim

• • Overview of the luxury goods market
  • Luxury brand companies
  • Luxury shopping online
• • Luxury car market
  • Customers and users
  • Luxury goods advertising spending