The Annual Growth Rate Of China'S Luxury Goods Market Is Only About 2%, And The Market Growth Is Slowing Down.

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< p > compared with the annual growth rate of China's < a href= "http://sjfzxm.com/news/index_s.asp" > luxuries < /a > market 30% in 2011, the cold spell spread over the past two years. After the 7% growth in 2012, the growth rate of the luxury market in mainland China further slowed down in 2013. The 2013 China luxury market research expects its annual growth rate to be only about 2%, and bid farewell to double-digit growth.

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< p > to explore the reasons for the slow growth of the luxury market in mainland China, Bain said that the restriction of the three public consumption policies had a greater impact on the "luxury gift giving trend", especially in the category of watches and men's clothing.

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< p > specifically, sales of < a href= "http://sjfzxm.com/news/index_s.asp" > wrist watch < /a decreased by 11% in 2013, while in 2011 and 2012, the annual growth rate of the watch industry was 40% and -5% respectively.

Meanwhile, in the first two years, men's clothing category, which maintained a growth rate of 30% and 12%, also suffered a negative growth in 2013.

In addition, the market growth rate of jewellery, bags and accessories also declined.

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< p > in business, most brands in 2013 hold a more conservative attitude towards stores, and focus more on renovation, renovation or upgrading of stores rather than opening new stores.

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< p > although the growth rate of luxury market in mainland China is hard to show, Chinese people are still the world's largest luxury consumer group, spending 116 billion US dollars, contributing 29% of the total global luxury goods expenditure, an increase of four percentage points over the previous year.

It is worth mentioning that the consumption of Chinese luxury consumers accounts for about 2/3 of the total expenditure abroad, and overseas consumption is increasing.

Data show that the outbound travel in 2013 increased by 14% compared with 2012, with the growth rate of 11% in Hong Kong and Macao and 23% in major European and American countries.

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At the same time, in 2013, there appeared some new trends in China's luxury market in P.

Despite the slowing growth in the overall market, the category of women's consumer themes and fashion series showed strong growth momentum of 8% to 10%, and cosmetics category remained stable.

Bruno Lanna, global partner of Bain, said: "in the Chinese market, the focus of global luxury brands is shifting from male consumer oriented products and accessories to women consumer oriented products and fashion, and brands are also actively addressing this important change."

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< p > for example, < a href= "http://sjfzxm.com/news/index_s.asp" > LV < /a > CHANEL has begun to consolidate its position in the women's clothing industry, and upgraded stores in 2013 to allocate more space for women's wear.

Meanwhile, brands such as TOD, S, Boss and Coach are also beginning to get involved in women's clothing, and will launch and sell women's wear products in China.

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< p > besides, the attitude of consumers towards luxury goods shows a trend of polarization. The top and entry level luxury brands are more eye-catching.

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