Luxury Goods in China
Retail value sales of luxury goods in China are rising by 4% in 2024 in current terms, to stand at CNY3.26 trillion. Growth in sales is fuelled by consumers’ increased desire to live in the moment and enjoy life, as well as rising interest in purchasing luxury goods as investment pieces - ownership of material things is increasingly linked to investment as consumers continue to shift towards spending on experiences for enjoyment.
Euromonitor International's Luxury Goods in China report offers a comprehensive guide to the size and shape of the Luxury Goods market at a national level. It provides the latest retail sales data, allowing you to identify the sectors driving growth. It identifies the leading companies, the leading brands and offers strategic analysis of key factors influencing the market and their effects on Luxury Goods retailing along with the development of consumers’ shopping patterns. Forecasts to 2028 illustrate how the market is set to change
Product coverage: Experiential Luxury, Fine Wines/Champagne and Spirits, Personal Luxury, Premium and Luxury Cars.
Data coverage: market sizes (historic and forecasts), company shares, brand shares and distribution data.
Why buy this report?
* Get a detailed picture of the Luxury Goods market;
* Pinpoint growth sectors and identify factors driving change;
* Understand the competitive environment, the market’s major players and leading brands;
* Use five-year forecasts to assess how the market is predicted to develop
- Luxury Goods in China
- Euromonitor International
- October 2024
- List Of Contents And Tables
- LUXURY GOODS IN CHINA
- EXECUTIVE SUMMARY
- Luxury goods in 2024: The big picture
- 2024 key trends
- Competitive landscape
- Retailing developments
- What next for luxury goods?
- MARKET DATA
- Table 1 Sales of Luxury Goods by Category: Value 2019-2024
- Table 2 Sales of Luxury Goods by Category: % Value Growth 2019-2024
- Table 3 Inbound Receipts for Luxury Goods by Country of Origin: Value 2019-2024
- Table 4 NBO Company Shares of Luxury Goods: % Value 2019-2023
- Table 5 LBN Brand Shares of Luxury Goods: % Value 2020-2023
- Table 6 Distribution of Luxury Goods by Format and Category: % Value 2024
- Table 7 Forecast Sales of Luxury Goods by Category: Value 2024-2029
- Table 8 Forecast Sales of Luxury Goods by Category: % Value Growth 2024-2029
- DISCLAIMER
- SOURCES
- Summary 1 Research Sources
- EXPERIENTIAL LUXURY IN CHINA
- KEY DATA FINDINGS
- 2024 DEVELOPMENTS
- Shift towards experiences over possessions in bid to live life now, as Ritz-Carlton wins Leading Luxury Hotel award
- Hyatt Corp maintains lead in 2023 as new openings continue across the competitive landscape
- AI expands within OTAs, while sustainability remains a slowly-but-surely emerging concern
- PROSPECTS AND OPPORTUNITIES
- Experiential luxury faces bright forecast period in China
- Increased domestic travel and a greater focus on sustainability in business travel
- Rising sales and new luxury hotel openings anticipated despite economic uncertainty
- CATEGORY DATA
- Table 9 Sales of Experiential Luxury by Category: Value 2019-2024
- Table 10 Sales of Experiential Luxury by Category: % Value Growth 2019-2024
- Table 11 NBO Company Shares of Experiential Luxury: % Value 2019-2023
- Table 12 LBN Brand Shares of Experiential Luxury: % Value 2020-2023
- Table 13 Forecast Sales of Experiential Luxury by Category: Value 2024-2029
- Table 14 Forecast Sales of Experiential Luxury by Category: % Value Growth 2024-2029
- FINE WINES/CHAMPAGNE AND SPIRITS IN CHINA
- KEY DATA FINDINGS
- 2024 DEVELOPMENTS
- Sales supported by taste for luxury and expanding premiumisation, as Champagne partners with Marriott Hotels
- Premiumisation trends benefit baijiu
- Younger generations seek to drink less but better as health conscious-drinking takes greater hold, while players work on appealing through culture
- PROSPECTS AND OPPORTUNITIES
- Sales set to rise though players must pay attention to evolving trends and demand
- Fine wines will lead growth as luxury spirits remains biggest segment
- Baijiu still ripe for further growth as premiumisation trends persist
- CATEGORY DATA
- Table 15 Sales of Fine Wines/Champagne and Spirits by Category: Value 2019-2024
- Table 16 Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2019-2024
- Table 17 NBO Company Shares of Fine Wines/Champagne and Spirits: % Value 2019-2023
- Table 18 LBN Brand Shares of Fine Wines/Champagne and Spirits: % Value 2020-2023
- Table 19 Distribution of Fine Wines/Champagne and Spirits by Format: % Value 2019-2024
- Table 20 Forecast Sales of Fine Wines/Champagne and Spirits by Category: Value 2024-2029
- Table 21 Forecast Sales of Fine Wines/Champagne and Spirits by Category: % Value Growth 2024-2029
- PREMIUM AND LUXURY CARS IN CHINA
- KEY DATA FINDINGS
- 2024 DEVELOPMENTS
- High-net-worth individuals sustain demand for premium and luxury cars in 2024
- Bayerische Motoren takes number one position in 2023, but faces rising competition from local players
- Electric cars expands while autonomous driving progresses
- PROSPECTS AND OPPORTUNITIES
- Value sales will keep on rising as premium and luxury cars remain symbols of wealth
- E-commerce to expand, and accelerated progress anticipated for autonomous driving
- China will consolidate its position as global giant in EV sales
- CATEGORY DATA
- Table 22 Sales of Premium and Luxury Cars: Value 2019-2024
- Table 23 Sales of Premium and Luxury Cars: % Value Growth 2019-2024
- Table 24 NBO Company Shares of Premium and Luxury Cars: % Value 2019-2023
- Table 25 LBN Brand Shares of Premium and Luxury Cars: % Value 2020-2023
- Table 26 Forecast Sales of Premium and Luxury Cars: Value 2024-2029
- Table 27 Forecast Sales of Premium and Luxury Cars: % Value Growth 2024-2029
- PERSONAL LUXURY IN CHINA
- KEY DATA FINDINGS
- 2024 DEVELOPMENTS
- Designer apparel and footwear (ready-to-wear) is home to minimalist clothing but decorative jeans, while digital trends continue
- Luxottica continues to lead luxury eyewear in 2023
- Sales rise for luxury jewellery despite relatively conservative consumer attitudes
- Luxury leather goods benefits from trend towards investment purchases
- Innovation and advanced tech drive growth in luxury wearables
- Luxury timepieces sees rise of smart and connected options
- Luxury writing instruments and stationery sees growth curbed by ongoing digitalisation trends
- High-end brands supported by demand for efficacy in super premium beauty and personal care
- PROSPECTS AND OPPORTUNITIES
- Positive growth forecast for luxury wearables
- E-commerce platforms to see greater investment, while more players will expand into China
- Luxury jewellery likely to lead value growth, and sustainability concerns will slowly gather pace
- CATEGORY DATA
- Table 28 Sales of Personal Luxury by Category: Value 2019-2024
- Table 29 Sales of Personal Luxury by Category: % Value Growth 2019-2024
- Table 30 NBO Company Shares of Personal Luxury: % Value 2019-2023
- Table 31 LBN Brand Shares of Personal Luxury: % Value 2020-2023
- Table 32 Distribution of Personal Luxury by Format: % Value 2019-2024
- Table 33 Forecast Sales of Personal Luxury by Category: Value 2024-2029
- Table 34 Forecast Sales of Personal Luxury by Category: % Value Growth 2024-2029
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