Positive Chinese Shopper Dynamics in 2015

Positive Chinese shopper dynamics in 2015

This is the key finding within the sixth edition of the 2015 China Luxury Forecast produced jointly by the Beijing office of well-known public relations company Ruder Finn and the IPSOS Group the worlds third largest market research company. Both companies claim that the new study provides analysis of key trends in the luxury sector in Mainland China and Hong Kong, with its bottom line conclusion that overall market dynamics are expected to remain unchanged, with consumer confidence still high in China. At the same time, it attributes the slowdown observed by many luxury brands in the market to a shift in spending patterns amongst Chinese luxury shoppers. The authors say: Travel is now the number one category of luxury for Chinese consumers and spending by Chinese travellers is expected to drive more growth in luxury markets outside China. The rise of ecommerce represents both the next major challenge and opportunity for luxury brands.

Thirty per cent of the Mainland consumers surveyed were from first-tier cities, 38% from second tier and 32% from third-tier cities. The average annual household income of those interviewed on the Mainland was RMB.774,876 ($124,697) and HK$983,300 ($126,812) across those interviewed in Hong Kong.

[Right: China Duty Free Group's Haitang Bay Duty Free store - the world's biggest to date]. REPORT SAYS CONSUMER CONFIDENCE REMAINS POSITIVE The report says that consumer confidence and intent to spend will maintain ongoing momentum, with further growth expected in the coming years, despite the slowdown observed by many luxury brands in

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Surveying 1,933 consumers across Mainland China and Hong Kong, the 2015 China Luxury Forecast covers Greater China in depth, with 1,616 consumers from over 14 major mainland Chinese cities and 317 consumers from the Hong Kong Special Administrative Region.

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A major new report predicts that positive consumer dynamics will...