China Will Become The Largest Consumer Of Luxury Goods In 2015.

China has become the second largest in the world since 2008. Luxury goods Consumer countries, China Council for Trade Promotion (CCPIT) predicts that by 2015, the mainland's luxury goods market will reach US $100 billion, which will account for more than Japan's global luxury market and become the largest consumer of luxury goods.

China Council for Trade Promotion (CCPIT) issued a handbook on China's import promotion in Beijing on 14 th. According to the manual, in the 2008 financial crisis, China's market grew negatively, spending 8 billion 600 million US dollars, accounting for 25% of the world's total.

In 2009, luxury consumption in mainland China reached 9 billion 600 million dollars, accounting for 27.5% of the world's total. It reached US $10 billion 700 million in 2010.

According to statistics, in the luxury consumption, Chinese outbound purchases account for 57%, and New York, Paris, Tokyo and Rome are popular consumption places. Overseas purchasing accounts for 23%, including beauty cosmetics. Dress shoes , Jewelry Watch And so on. In addition, 20% of the luxury consumption is in domestic stores.

China has high tariffs on luxury brand watches, famous perfume, high-end cosmetics, bags and other luxury goods, and the special consumption tax has been introduced, leading to huge differences in luxury goods at home and abroad. For example, a LV handbag is priced at around 5000 yuan, and overseas purchasing will be 2000 yuan cheaper.

The manual recommends that we should adjust the structure of luxury goods tariffs, lower the middle and low grade luxuries tariffs, and appropriately reduce the tariff and consumption tax to some high-end luxury goods that have no domestic capacity but have high demand, such as high-end watches, audio instruments, musical instruments, and so on.

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Luxury is internationally defined as "a consumer product that is unique, scarce and rare beyond the needs of people's survival and development". It is also called non life necessities. In terms of economics, luxury goods refer to products with the highest value / quality relationship ratio. From another point of view, luxury goods also refer to the products with the highest ratio of intangible value to tangible value. Luxury consumption is a high-end consumer behavior. The word luxury has no derogatory meaning in itself. China is one of the largest markets for luxury goods in the world.

Luxury consumption in China is entering gold. 25% of the world's luxury goods are bought by Chinese people. The influx of new rich classes is supporting the heat wave of luxury consumption in China. It is estimated that in the next 3 years, China's total consumption of luxury goods is expected to surpass Japan and become the world's largest consumer of luxury goods.

However, the luxury market in China has been dominated by top luxury brands abroad, and there is a lack of local businesses. In fact, our country does not lack luxury elements. But how to shape China's luxury brand and transform our country from a luxury consumption country to a manufacturing power has become a difficult problem for Chinese enterprises.