Luxury Consumption In China Has Surged &Nbsp, And Has Become The Third Largest Consumer Market In 5 Years.

Luxury consumption in the US and Asia is unexpectedly strong this year. Sales of luxury goods in China have increased by 30%, which is once again ranked first in the world.

According to Bain, a consultancy, China will become the third largest luxury market in the world in five years.

According to Bain, global

In addition to China's luxury sales growth of 30%, sales in the United States increased by 12%, while Europe's recovery increased slowly by 6%.

Only Japan continued to shrink and sales fell by 1%.

But Bain predicted that

These projections indicate that the luxury industry has recovered sharply after sales fell 8% last year, which is the worst performance in the luxury market.

Claudia DArpizio, a partner in Milan, said: "the main driving force is China and Asia, but what is really surprising is the rebound in the US market."

Despite concerns about the health of the US economy, the latest data in September showed that luxury department stores in the United States performed better than other retail sectors.

The rise in the number of wealthy tourists has also promoted the sale of luxury goods this year, especially tourists from China.

Because

Last week, Louis Weedon Hennessy, the world's largest luxury goods company (by sales figures), said that sales in the first 9 months of this year increased by 14% over the same period last year.

British fashion group Burberry also reported a two digit increase in sales in the latest quarter ended September.

Bain said that big brands are the biggest winners of demand recovery, and they can better respond to crises by investing and opening new stores.

Bain pointed out that as men buy watches, suits, shoes and other fashion products, men's luxury sales increase faster than women's luxury goods.