1. The income level of China's urban and rural residents has been greatly improved

China's economy has maintained stable and rapid development, and has always regarded improving people's living standards as the fundamental starting point and goal. Significantly improved. Consumption levels continue to increase, and the overall quality of life has improved significantly.

2. China’s wealthy group is growing

With the rapid development of China’s economy, China’s wealthy class is growing rapidly, and the scale of high-net-worth individuals is also expanding year by year. As of 2016, the number of high-net-worth individuals in mainland China was approximately 1.34 million, an increase of 130,000 over the previous year, with a growth rate of 10.7; the number of billionaire high-net-worth individuals was approximately 89,000, an increase of 11,000 over the previous year, with a growth rate of 10.7%. 14.1.

3. Credit card consumption has helped the rise of the domestic luxury goods consumer market

Surveys show that consumers are most likely to borrow money to buy more expensive products such as watches and jewelry. In addition, Chinese consumers increasingly use credit cards to pay, with only a minority of respondents using installment payments. The increase in credit card usage will stimulate luxury consumption in China.

4. China’s consumer contribution ratio dropped for the first time

The contribution of Chinese consumers to global luxury goods consumption dropped from 31% in 2015 to 30% in 2016. This is unprecedented. .

Although there are still many problems in China's domestic market, such as the large price gap with foreign countries, low service levels, and poor overall shopping experience. As a result, domestic luxury goods consumption is lower than overseas, and the proportion of domestic luxury goods purchases increased significantly in 2016. However, this increase has not offset the losses caused by the reduction in overseas consumption of Chinese tourists.

Long-term perspective

But in the long-term, China’s middle class is rising rapidly and its disposable income is increasing, which will make a great contribution to the future of the personal luxury goods market in the next five years. Overall The trend is upward.

In addition to the above, the international luxury goods ranking also includes Hermès, Versace, Prada, Fendi, etc. If you are familiar with it, you will find that there are actually many top-level luxury goods, but we are here When consuming, you must make purchases based on your actual economic situation and consume rationally.