Foreign luxury brands focus on Chinese market
Updated: 2013-06-05 17:30
By Wang Yu (chinadaily.com.cn)
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Luxury China 2013, an international top brand show, will be held at the China International Exhibition Center in Beijing from June 22 to 24.
The exhibition, co-organized by the Chinese Chamber of International Commerce, has attracted 86 well-known brands from more than 12 countries - including the US, France, the UK, Germany and Italy - to participate, showcasing various items including the world's top luxury vehicles, furniture, works of art, jewelry, wrist watches and so on.
An Italian delegation will display 20 high-end luxury brands at the show. Alessandro, an official of the delegation, said that seeking proper cooperative partners and agencies is the main aim of these luxury brands participating at Luxury China 2013.
"We hope our cooperative partners not only have an interest in our brand but also the sub culture which it hints at," said Alessandro.
High-end brands focus on China's luxury market for the potential purchasing power of Chinese consumers.
A survey from McKinsey & Company showed that the luxury-goods spending in China had been growing over the last four years with a 16 percent to 20 percent growth rate each year. The company also predicts that, by 2015, around one third of the world's luxury goods will depend on Chinese consumers and China's high-end spenders will pay between 370 billion yuan ($60.37 billion) to 380 billion yuan ($62.00 billion) on luxury at that time, according to China Business News.
For a growing number of Chinese outbound tourists, one of their most important aims is to buy luxury goods cheaper than what they would normally have to spend in China. According to an annual KPMG report on Jan 22, overseas travel among Chinese rose 71 percent in 2012, compared to a 53 percent increase in 2008. Seventy-two percent of them said they bought luxury items during their overseas trips, with cosmetics, watches and bags the most popular.
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