Last week, Bao Shilong, the world’s top jewellery brand, announced its plans to enter China in Shanghai. At the opening ceremony of the celebrities, the CEO of the luxury China region of the GUCCI Group told reporters that it is now a luxury product. During the golden age of China, their jewelry was positioned as part of China’s “pyramid-tipâ€.
Louis Vuitton, Chanel, Rolex, Armani ... ... these world-class luxury brands in Beijing's Wangfu and Guomao's stores have sold amazing sales. In the past two years, when the world's luxury goods market was generally in recession, China’s luxury goods market was extremely active and there were some top brands in the world. According to Goldman Sachs’ forecast, China’s luxury goods market is currently valued at approximately US$2 billion, accounting for approximately 3% of the world’s total of 65 billion luxury goods. In the next 10 years, China will become the world’s second-largest consumer of luxury goods.
50 million sets of jewelry are not buyers
A Bao Shilong executive told reporters that he chose to enter China as a result of several years of observations. In recent years, China’s economy has been in a period of rising, and luxury goods are increasingly becoming a necessity for elite consumers. China’s luxury goods market And potential markets are rapidly expanding. On the first day of the trial operation, many people lined up to make reservations. The most expensive set of ruby ​​necklaces and earrings named “Paris-Shanghai†in the store is worth 50 million RMB and has now been bought by a Chinese customer.
In addition to having stores in Japan, Boucheron Jewelry is only optimistic about China in Asia. At the end of this year, this luxury jewellery brand will open up in the Beijing market. The criteria for selecting the site will remain “places for elites to enter and leaveâ€. Zhuang Xiaoyu, sales manager in China, said that sales in China will definitely surpass Japan in five years.
World Luxury Goods 觊觎 China Market
According to the latest statistics from the China Brand Strategy Association, the current number of luxury consumers in the Mainland has accounted for 13% of the total population and about 160 million people. At present, the growth rate of international luxury brands in the Chinese market is more than 80%, which is far higher than the growth rate of about 10% in other countries and regions in the world. Rich people are realizing their luxury dreams by purchasing luxury goods.
The Minister of the European Commission’s delegation to China has said that high-end consumer goods are becoming an important part of China-EU import and export trade, and it is a very profitable part. As it turns out, Louis Vuitton has tripled its sales in mainland China over the past three years. A few years later, 10% of Cartier’s global sales will come from China. Armani announced that he will open 30 stores in China before the 2008 Beijing Olympic Games. Many international well-known luxury brands have shifted the focus of global strategy to China and have rushed into the Chinese market in the past two years. They believe that cultivating Chinese luxury consumers will undoubtedly bring huge profits.
Middle Class Holds Hot Luxury Market
Bao Shilong executives have repeatedly stressed that they do not have to worry about China's market. There are at times millions of jewellery positions that are not China's middle class but are sold to a small part of China's “pyramidâ€. For these people's identity, they said "real estate business and other successful businessmen", in addition, film and television, sports stars are also the target consumers of top luxury goods.
Although the top luxury goods manufacturers are eyeing the top figures, the rush of the luxury market in China is being whipped up by the Chinese fashion crowd who are not so top-ranking in income. Their worship of top luxury goods and In spite of all the pursuits, it has formed a social environment in which top luxury goods are popular. This group of people is not rich, but their desire for top luxury goods is often more than the rich. Their average monthly income is only between 5,000 and 50,000 yuan. A survey shows that this group of highly educated and high-income people aged 25 to 40 years is the popular force for the consumption of luxury goods in China. They often spend on luxury goods when they are discounted, and are keen to buy top-brand gadgets such as ties, shoes, and bags. Ms. is more interested in cosmetics, perfume, fashion, etc. People with high income levels will rely on these branded items to imply that they are also capable of high-end consumption.