China Luxury Market Size to Hit US$ 391.5 Billion by 2028 | CAGR of 5.2%

According to the latest report by IMARC Group "China Luxury Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The China luxury market size reached US$ 287.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 391.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form. 

Luxury goods and services represent non-essential but desirable products that are generally related to wealth and exclusivity. They mostly consist of high-end automobiles, hospitality services, personal goods, food and beverages from exclusive dining that offer comfort and elegance to the customers. Luxury items are typically expensive, of good quality, and intended to appeal to people of a high social class. They provide great value, attract a larger section of society, and assist in raising confidence, self-esteem, and social standing. Consequently, luxury products and services are in extensive demand across China.

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China Luxury Market Trends:

The expanding working population and the shifting consumer preferences toward spending on lavish and designer clothes, cars, shoes, and the latest automobiles and accessories are among the key factors driving the China luxury market. Additionally, the growing inclination of the younger population on costly perfumes and cosmetics to boost confidence and enhance their physical appearance is further propelling the market across the country. Apart from this, the launch of sustainable products manufactured from environmentally friendly raw materials, including plant-based leather derived from pineapples which are utilized for producing jackets, handbags, footwear, etc., is acting as another significant growth-inducing factor. Moreover, the escalating penetration of e-commerce facilities and the rising popularity of social media platforms that spread awareness among consumers about leading luxury brands is also positively influencing the market growth. Besides this, the development of state-of-the-art technology-embedded products and the increasing establishment of upscale malls, and the inflating investments by numerous luxury brands in product promotion campaigns to expand their presence are expected to bolster the China luxury market over the forecasted period.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Category:

Travel and Hotel
Cars
Personal Luxury Goods
Food and Drinks
Others

Breakup by Gender:

Male
Female

Breakup by Distribution Channel:

Mono-Brand Stores
Multi-Brand Stores
Online Stores
Others

Breakup by Region:

Guangdong
Jiangsu
Zhejiang
Henan
Sichuan
Shanghai
Others

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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This release was published on openPR.