China’s luxury market maintains a growth rate of 20%-30% annually, ranking first in the world. World Luxury Association said that China’s luxury consumption in 2007 (jewelry, dress, leather goods, perfume, excluding private plane and yacht) reached US$8 billion, taking up 18% of the global total.
In the luxury market, dress takes up 32% of the total value, perfume and cosmetics 23%, watch and jewelry 20%, ornaments and accessories 19%, home 3% and dinning table decorations 3%.
According to statistics of the General Administration of Customs of China, export volume of the top six international clothing brands to China — LV, Gucci, Dior, Versace, Prada and Fendi — has increased year by year since 2005 and their sales revenue in China is also on the upward trend.
Top Six Luxury Dressing Brands Export to China, 2005-2007