China Luxury Market Size, Demand, Trends, Share, Growth And Forecast 2023-2028

The latest report by IMARC Group, titled "China Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". 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.

Luxury is a subjective concept that represents the highest level of quality, exclusivity, and refinement in various aspects of life. Luxury can manifest in different forms, including luxury goods, services, experiences, or lifestyles. Luxury goods and services refer to products and experiences that embody the highest standards of quality, exclusivity, and craftsmanship. They go beyond mere functionality and are often associated with prestige, elegance, and exceptional attention to detail. Luxury goods include high-end and often iconic items such as designer fashion, luxury watches, fine jewelry, luxury cars, and upscale electronics. These products are known for their use of exquisite materials, meticulous craftsmanship, and distinctive branding. Owning luxury goods is often seen as a status symbol and a way to express personal style. Whereas luxury services offer exclusive and personalized experiences. They can encompass luxury travel and accommodations, gourmet dining, spa treatments, and private concierge services. At present, luxury is gaining immense traction across China, driven by a rising appetite for prestigious brands and experiences.

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China Luxury Market Trends and Drivers:

The China luxury market is primarily driven by the rising affluence of the Chinese middle class, fueled by robust economic growth, rapid urbanization, and increased disposable income that creates a consumer base with a strong appetite for luxury goods and experiences. Apart from this, changing consumer preferences and a shift toward quality and lifestyle upgrades have augmented the demand for prestigious brands and luxury products, including fashion, accessories, and automobiles. Moreover, the increasing influence of digital platforms and e-commerce that makes luxury goods more accessible to consumers across China, especially in lower-tier cities, is another major growth-inducing factor. Besides this, the emerging trend of experiential luxury, such as high-end travel and fine dining, that aligns with the desires of Chinese consumers seeking unique and memorable experiences has catalyzed market growth. Additionally, the younger generation's fascination with luxury and the heightened influence of social media and celebrity endorsements has accelerated the product adoption rate. Furthermore, the government's efforts to reduce import tariffs on luxury goods and streamline customs procedures that make it more convenient and cost-effective for consumers to purchase luxury items are contributing to market growth.

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

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This release was published on openPR.