IMARC Group has published a market research report titled “China Luxury Market Report by Category (Travel and Hotel, Cars, Personal Luxury Goods, Food and Drinks, and Others), Gender (Male, Female), Distribution Channel (Mono-Brand Stores, Multi-Brand Stores, Online Stores, and Others), and Region 2024-2032” The China luxury market size reached US$ 302.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 456.1 Billion by 2032, exhibiting a growth rate (CAGR) of 4.68% during 2024-2032.
The growing middle-class population and the inflating disposable income among consumers in China are the factors responsible for the growth of the China luxury market. Additionally, the demand for luxury goods is increasing owing to the rapid urbanization and economic development in the country, which is fueling the market. Besides this, the digital transformation of the luxury sector, facilitated by e-commerce and social media platforms, has further propelled the market by enhancing brand visibility and accessibility, allowing consumers to make informed purchasing decisions. Moreover, the initiatives by government authorities to boost domestic consumption, including reducing import tariffs on luxury goods and promoting cross-border e-commerce, have encouraged international luxury brands to invest more heavily in the market in China, which is contributing to the growth of the market.
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China Luxury Market Trends and Drivers:
The growing emphasis on personalized and exclusive experiences, with luxury consumers seeking products and services that offer differentiation and uniqueness, is further augmenting the China luxury market. In addition to this, there is also a noticeable shift towards sustainable and ethically produced luxury items, reflecting a broader global trend towards environmental responsibility and social consciousness, which is creating a positive outlook for the market. Furthermore, the luxury market is witnessing the rise of homegrown luxury brands, challenging traditional Western luxury giants by catering to local tastes and cultural preferences, thereby escalating the market. In line with this, the integration of advanced technology, like augmented reality, virtual reality, etc., into the shopping experience is enhancing customer engagement and satisfaction, which is anticipated to drive the China luxury market in the coming years.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Category:
Travel and Hotel
Cars
Personal Luxury Goods
Food and Drinks
Others
Breakup by Gender:
Male
Female
Breakup by Distribution Channel:
Mono-Brand Stores
Multi-Brand Stores
Online Stores
Others
Breakup by Region:
Guangdong
Jiangsu
Zhejiang
Henan
Sichuan
Shanghai
Others
Ask Analyst for Sample Report: https://www.imarcgroup.com/request?type=report&id=6119&flag=C
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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