World luxury sales revive thanks to China's big spenders

16:19, October 19, 2010      

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With the rebound of the global economy, sales of luxury products this year are expected to go up 10 percent to return to the pre-crisis level, according to a newspaper from Hong Kong recently.

Wen Wei Po, one of Hong Kong's leading newspapers, reported that sales of luxury goods in the U.S., European and Asian markets are expected to increase 12 percent, 6 percent and 22 percent, respectively, while sales in China are expected to substantially increased by 30 percent.

The luxury goods industry underwent the most dismal year in 2009 since 1990, witnessing an 8 percent decline to 153 billion U.S. dollars of total sales.

Surveys showed a revival of purchasing power for luxury goods mainly from the affluent in United States after one year's restraint and among big spenders from China who have developed a taste for finer goods from around the world.

Research from Bain Capital, one of the world's leading business strategy consultancy firms, showed that sales of luxury goods, including designer clothes, leather goods, jewelry and watches, are expected to grow 10 percent to 168 billion U.S. dollars this year.

An expert from Bain Capital said the recovery this year was faster than expectation.

He said sales of luxury goods in Asia rely to a large extent on China's huge purchasing power.

Sales of luxury goods increased substantially by 30 percent in China, while they declined 1 percent in Japan, one of the world's largest luxury goods markets.

The expert said that compared to the strong growth in the Chinese market, those big spenders from China had a greater contribution to areas outside Asia.

"The Chinese are the biggest surprise over the past few years……They are everywhere in Europe and in the United States. They travel around the world," he said.

By Li Mu, People's Daily Online


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