On January 30, South Korea's ** "Asian Economy" published an article saying that last year, Chinese's luxury consumption reached 1 trillion yuan, accounting for nearly 40% of the global market.
Data shows that Chinese's luxury consumption increased by 9% from 2022 to 1,042 billion yuan. The global luxury market grew by 7% from 2022 to RMB2,723.2 billion, of which Chinese consumption accounted for 38%.
Some analysts believe that the global luxury industry is reshuffling. China's luxury industry is becoming a core driver of consumption growth. Last year, China's domestic luxury market reached 607.7 billion yuan, accounting for 22% of the global market. The report predicts that the growth rate of China's luxury market will reach about 12% this year.
* On the market, the scale of Chinese luxury brands increased by 17% to 257.4 billion yuan. Online sales account for 42% of China's total luxury market. According to some **, in the next 3 to 5 years, the proportion of online transactions of luxury goods will exceed 60%, and brands focusing on offline channels will face huge challenges.
From the perspective of cities, Shanghai, Beijing and Sanya have become the core cities of China's luxury consumption. Last year, Shanghai's luxury spending reached a record high of 53.5 billion yuan. Beijing and Sanya were 52.3 billion yuan and 45.5 billion yuan, respectively, and Haikou was 8.9 billion yuan. Haikou, for example, has seen a growth rate of 89% in luxury consumption, making it the fastest-growing city in China.