CHINA BEM-VINDA AO MUNDO DO LUXO *16/10/08 China National Light Industry Council
*12/09/08 O relatório da Goldman Sachs de setembro de 2005 previa para 2008 o crescimento chinês na procura dos artigos de luxo em todas as áreas...
China Becomes the World`s Third Largest Consumer of Luxury Goods
12/09/05 -- Goldman Sachs released a report yesterday on China`s luxury goods market. It stated that excluding private aircraft and yachts, China`s purchase of luxury goods reached 6 billion USD, bringing its share in the global luxury goods market to 12%, but only about 2% of this amount comes from domestic purchases, with Chinese tourists` purchases abroad comprising about 10%. Goldman Sachs predicts that by 2015, China will be first in world consumption of luxury goods.
According to the Economic Reference Journal, the report said that China had already become third in world consumption of luxury goods, contributing to 20% of world consumption. In the next four years, China`s demand for luxury goods will reach an annual compound growth rate of 25% and in 2008 will have a 19% market share, in 2015 29%, surpassing Japan. At that time, China`s luxury good consumption will be equivilant with that of Japan. At present, Japan makes up 41% of total luxury goods sales and is number one in the world.
Statistics from Goldman Sachs show that in 2003, about 45 million Chinese consumers` purchasing power passed the 30,000USD mark. Purchasers of luxury goods are mostly between 20 and 30 years of age and the number of consumers in this age group is 11 times that of Japan.
Jacques-Franck Dossin, the Managing Director of Goldman Sachs International Securities Research Deparment believes that the growth in Chinese tourists will promote the growth of the luxury item market, because Chinese enjoy spending while they travel and while abroad, their brand recognition will increase.
From the beginning of this year, the amount of money Chinese tourists are allowed to take while travelling abroad is two times the previous number. For this reason, Mr. Dossin bravely preditcts that with more airlines and travel agencies, countries like France and Italy will become favorite destinations of Chinese tourists. This time abroad will also give Chinese tourists time to get to know the brands with which they had previously had little contact.
Consumption by the Young Sees a Return of the "Enjoy Now" Phase
Louis Vuitton bags, Carier watches, Dior perfume and Dunhill suits and other common luxury items have found fans among much of China`s 30 something crowd.
Purchases of luxury items by young people has already become a strong trend in China. A survey of young China urbanites shows that over 60% believe that one should "enjoy life now," saying that they are willing to spend more on high quality items.
Is there anything that we should consider in this sudden love for the luxurious among young Chinese?
In Five Years Chinese Will Become the Biggest Consumers of Luxury Goods
Does Chinese love of luxury surpass the French? According to a survey done my Merrill Lynch, Chinese purchasing jewlery, leather goods and women`s clothing is already twice that of their French counterparts.
Today, Chinese are the third largest customers of luxury brands, just behind the US and Japan. By 2011, Chinese will be first and their spending will reach 1/4 of the world total from its present 11%. These numbers include Chinese residents of Hong Kong, Taiwan, Macau and Singapore. 13% of Mainland residents make up the mainstream with most in the middle class.
According to the China Business Herald, driving a Rolls Royce, wearing a Rolex, donning Zegna and using a Montblanc to write while having a Louis Vuitton over your shoulder is nothing new to China`s big bosses. In some smaller cities in Zhejiang and the northeast, it is no longer just one or two people who have a monopoly on luxury goods. There are more and more rich people and luxury goods from the West are more common. Some people have begun to purchase antique Chinese rosewood furniture, hoping for a new experience of luxury. In China, there is a new group of nouveaux riches whose wealth is far surpassing the level of local GDP.
[Full article]
Via New China Net
[This article was transferred from another source. Unable to find original article or original author.]
The fur and leather business in China is rapidly growing. Not only in terms of consuming and manufacturing, but also as an innovative industry that boosts the entire Chinese fashion industry.
China has ambitions of becoming an innovative country that doesn’t just copy goods from Europe and USA and the fur and leather industry is showing the way forward. That was the message at a business seminar organised by Haining China Leather Market and Kopenhagen Fur in co-operation with the Chinese-Danish Business Forum.
Vice Director of China National Light Industry Council, Mr. Xu Yong, said that the fur and leather industry plays a positive role in the fashion industry as a whole, because the fur and leather industry has proved itself to be innovative in terms of design and marketing. This is not least due to the fact that Chinese consumers, backed by the ever increasing Chinese wealth rate, are paying more and more attention to design – a demand that the Chinese fur and leather industry has managed to meet.
Mr. Yong also pointed at the professionalism in which the fur and leather trade is carried out as an important element of its success. The serious investments in unique designing, more focus on branding in all aspects and the rise of high level fur and leather centres such as Haining China Leather Market are key factors in a successful industry that doesn’t just manufacture.
- The Chinese fur and leather industry is coming to a new and better stage, Mr. Yong said.
