RNCOS

RNCOS White Paper: China Personal Luxury Goods Market to be Worth EUR 18 Billion by 2017

Press Release   •   Dec 11, 2013 16:01 IST

The China luxury goods market exhibits huge potential for growth as spending by Chinese consumers on luxury products is growing tremendously, making it second largest luxury market in the world after Japan. The country has become the paramount driver of growth in this sector, with purchases by Chinese both at home and abroad.  In international market, Hong Kong and Macau are the most preferred shopping destinations for Chinese consumers but now Europe is also rising quickly in popularity. Further, Chinese government is going to slash import duties soon on opulent items to encourage shopping of these luxury goods in the country.

Emphasizing on the growth potential, Shushmul Maheshwari, CEO - RNCOS said that the demand of luxury goods is anticipated to remain robust on the back of rising number of very wealthy consumers, who have a marked tendency to trade up to more expensive and more luxurious products. At the same time, new entrants into the luxury category which are just attaining middle-class status are also increasing at an explosive rate as incomes head upward which will help the market to touch new heights in near future.

On the competitive front, country’s luxury goods market is largely dominated by foreign players. Most Chinese luxury consumers tend to favor foreign brands that have long history and unique brand heritage. Attracted by this huge demand, some foreign luxury retailers such as Louis Vuitton, Prada etc. are looking for opportunities to invest in local luxury companies that have strong identity and growth potential.

The China personal luxury goods market can be fruitfully tapped, devising appropriate business strategies. RNCOS acts as your growth partner in all your business endeavors, be it product launching, geographic expansion, sales improvement, distributor/retailer tie-ups etc. We help make your business flourish by studying the market dynamics, collating with your business and devising the right strategies.

To get a complimentary copy of the white paper, please visit (http://rncos.com/Industry-Whitepapers.htm)

ABOUT RNCOS

RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.