{"id":15090,"date":"2013-03-11T05:03:14","date_gmt":"2013-03-11T05:03:14","guid":{"rendered":""},"modified":"2025-10-15T12:14:45","modified_gmt":"2025-10-15T12:14:45","slug":"led-by-china-new-markets-to-continue-to-drive-luxury-growth","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=15090","title":{"rendered":"Led by China, New Markets to Continue to Drive Luxury Growth"},"content":{"rendered":"

According to the Bernstein report, 38 percent of growth is expected to come from emerging markets, notably China, which continues to expand at a double-digit rate.<\/strong> But when including purchases made by consumers from these markets while traveling (mostly to Europe and North America), the emerging economies of the world account for a staggering 60 percent of all projected European luxury sector growth.<\/p>\n

But what about those persistent reports of a slowdown in China? According to Mr Ortelli, sustained Chinese luxury market growth will be fueled in particular by new customers joining the growing ranks of individuals with the disposable income required to purchase high-end goods, a trend that compensates for the recent deceleration of the country\u2019s overall growth.
\n\u201cDespite the softness of China\u2019s economic growth in the last two quarters of 2012, luxury brands [still] posted incredible results in Europe, due largely to purchases by tourists from Asia.\u201d More than 50 percent of these tourists came from China.<\/p>\n

Chinese consumers make more than 60 percent of their luxury goods purchases abroad in order to exploit the price differential between China and other countries. <\/strong>\u201cTo give you an example,\u201d explained Ortelli, \u201con a Prada bag a consumer from Beijing saves 40 percent if he buys it in Paris compared to what it would cost him at home.\u201d The vast discrepancy is due to high import duties and taxes in China, but also to luxury brands seeking higher margins.<\/p>\n

Source<\/a>
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