The latest research study “China Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the China luxury market size reached US$ 287.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 391.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.
Industry Definition and Application:
Luxury goods and services refer to non-essential but desirable products that are commonly related to wealth and exclusivity. They are usually of good quality, expensive, intended to appeal to people in a high social class, etc. Luxury goods and services offer great value. They consist of luxury automobiles, hospitality services, and food and beverages from high-end dining that provide comfort and elegance to the customers. These products assist in increasing self-esteem, confidence, and social standing and offer comfort and elegance. Luxury goods and services generally depend on marketing and promotions for communicating brand values.
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Global China Luxury Market Trends and Drivers:
The inflating disposable income levels of individuals are primarily augmenting the China luxury market. Furthermore, the increasing consumer inclination towards spending on lavish items, including designer clothes, shoes, cars, and the latest automobiles, is propelling the market growth. Apart from this, the escalating demand among the millennial population for expensive perfumes and cosmetics to boost confidence and enhance appearance is acting as another significant growth-inducing factor. Moreover, the introduction of sustainable products that are manufactured from environmentally friendly raw materials, such as plant-based leather derived from pineapples, and can be used for producing jackets, handbags, footwear, etc., is also bolstering the market growth. Besides this, the rising penetration of e-commerce facilities, extensive investments by numerous luxury brands to expand their presence across the country, and the growing popularity of social media platforms are further catalyzing the market growth. Additionally, the widespread adoption of technology-embedded items and the development of upscale malls are expected to fuel the China luxury market in the coming years.
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China Luxury Market Report Scope |
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Report Coverage |
Details |
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Market size value in 2022 |
US$ 287.3 Billion |
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Market forecast in 2028 |
US$ 391.5 Billion |
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Growth Rate |
CAGR of 5.2% from 2023 to 2028 |
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Base year for estimation |
2022 |
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Historical data |
2017-2022 |
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Forecast period |
2023-2028 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Category, Gender, Distribution Channel, Country. |
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Regional scope |
Guangdong, Jiangsu, Zhejiang, Henan, Sichuan, Shanghai, Others |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, market condition analysis for forecast period, |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Ask Analyst for 10% Free Customized: https://www.imarcgroup.com/request?type=report&id=6119&flag=C
Report Segmentation:
The report has been segmented the market into 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
List of Major Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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