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Chinanews, Shenzhen, Nov. 26 - China accounts for 12% of shares in global luxury goods consumption market and the consumption of luxury goods is increasing at an annual rate of 20% year on year. It is expected that by 2015, China will become the world's largest consumption market in luxury goods, according to a recent report released by Gold Man Sachs.
Over the past year, all foreign luxury goods manufacturers have witnessed a double-digit growth in their Chinese market. While the fast-growing Chinese economy pushes CPI figure to reach a historical new high, it also creates a booming luxury goods market in China. Three years ago, China was the world's largest exporter of imitation luxury goods. At that time, the United States and Japan were the world's largest importers of imitation luxury goods. Starting from this year, however, many of these imitation goods have been sold at China's domestic market and their sales might account for 30% of the total export volume. At the same time, more and more world top brand luxury goods producers have begun to diversify1 their products by making sub-brands, said Meng Pengjun, president of the Luxury Goods Company Asia Limited. This year, global commercial aircraft maker2 Hawker Beechcraft has sold 17 of its products in Chinese market, with the total sales volume of these products reaching 1.7 billion yuan. China has entered into a commercial flight era, noted3 Liao Xuefeng, the company's sales manager in North Asia region and also the deputy chairman of the Asian Business Aviation Association. In China, 90% of the luxury goods are bought by men, while in recent years, professional women have also begun to enter into the luxury goods conumption group, according to an investigation4 made by wha-asia.com, the world's leading information provider on luxury goods. China is also the world's fastest growing market for Porsche cars. Last year, about 2,305 Porsche cars were sold in China and this year, the number might exceed 4,000, said the Porsche's general manager in China region. Louis Vuitton plans to increase the number of its selling stores in China by one-third next year. The global leather goods fashion designer opened its first store in China 15 years ago. Since then, the company's annual sales in the Chinese market have averaged at over 50% year on year. China has now become the world's third largest consumer market for Louis Vuitton products, only next to Japan and the United States, said Mr.Yves Carcelle, Chairman and Chief Executive Officer of Louis Vuitton.
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