China world's biggest luxury consumer
Updated: 2014-02-21 16:03
By LYU CHANG (chinadaily.com.cn)
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While the rest of the world cuts back on spending, Chinese consumers bought 47 percent of all luxury goods in the world in 2013, according to a report by Fortune Character Institute.
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Although the Chinese market did see a drop in demand for luxury goods in 2013 reportedly due to government's crackdown on excessive spending, China is still forecast to remain the world's biggest luxury goods market by 2020.
Consumption of luxury goods in China rose 3 percent to $28 billion in 2013, the report said.
Chinese appetite for luxury is the reason why all major European designers, such as Chanel, Gucci, Louis Vuitton and Christian Dior, have a large presence in China.
At the same time, China's homegrown luxury retailers are also catching up through setting up production lines abroad or forging partnerships with foreign brands.
By focusing on unique Chinese design characteristics and use of culturally auspicious materials like jade and gold, jewelry brands such as Luk Fook and Kin Hung Lee are becoming a big name in the domestic market.
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