The luxury market in China has been steadily rising, as Chinese consumers look set to create a rise in luxury goods sales of 25 percent this year.
According to a Bain & Co. study from earlier this year, as second and third tier Chinese cities become ’destinations’ for Luxury brands, China will become the third-largest luxury market in the next five years.
As reported by the Wall Street Journal,
“Bain predicts the worldwide growth trend will continue for the next few years, with sales rising between 5% and 6% each year to between 214 billion and 221 billion euros by 2014.”
This prediction is leant weight by the news of brands such as luxury hoteliers Ritz-Carlton Hotel Co. expanding their presence in China. A recent article by Luxury Daily on the Ritz’s expansion notes that this is taking place as part of a $2 billion expansion. Ritz-Carlton already has eight hotels in China, and has made the decision to expand based on there being a growing affluent population that is beginning to reward itself with luxury goods, services and travel.
“Given the focus on China right now, there is no small secret that China is an emerging country when it comes to lots of different things… there is a huge amount of the population that is now on the move and starting to travel. There is also an equally large population following purchasing behaviours into a luxury market.”
As each Chinese city is very different, none of the Ritz-Carlton hotels in the country are the same, but rather are “culturally relevant”, with the locale reflected in menus and services.
Alongside the news of Ritz-Carlton’s expansion, it was announced today that US luxury bag maker Coach will be listing shares in Hong Kong as it seeks to raise its profile among Asian consumers. This follows successful flotations by luxury fashion house Prada, and luggage provider Samsonite.
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Luxury News / Golden Choice by Lux Creative International
