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People's Daily Online>>China Business

Online luxury market soaring

By Gao Yuan (China Daily)

15:09, February 14, 2012

A fashion shop owner checking her online orders. Industrial experts said the turnover of the nation's online high-end brands is expected to reach 37.24 billion yuan ($6 billion) in 2015 from last year's 10.73 billion yuan. (China Daily Photo)

Near-70 percent surge on 2010 sales and figure is expected to continue upward momentum

BEIJING - For the first time, the turnover of China's online luxury goods shopping market has exceeded 10 billion yuan ($1.59 billion) and the market is likely to continue expanding at a year-on-year increase of 30 percent over the next several years, according to a report.

The turnover of the nation's online high-end brands hit an unprecedented 10.73 billion yuan last year, surging sharply by 68.8 percent compared with 2010's sum of 6.36 billion yuan, according to findings released by the Internet analysis company iResearch Inc.

The market will continue to increase at a speed of 30 percent over the next few years, which mean the turnover is likely to hit 37.24 billion yuan by 2015, said the report.

Revenues generated by the luxury goods' direct-sales stores on the Internet were not included in the turnover.

"Current online luxury purchasing was confined to top-class brands such as Hermes, Gucci and Louis Vuitton. Many second- and third-tier brands are not yet being sold in China. When they enter the market, online selling would be the best channel for them," said Ding Jiaqi, an analyst at iResearch.

As of last year, the turnover of luxury goods accounted for only 1.41 percent of China's total online shopping industry. The report estimated that the proportion could exceed 8 percent by 2015.

"So far, China's online luxury market remains small. We are waiting for it to explode," Chen Xiao, founder of the luxury goods selling website ihaveu.com, told Chinese-language newsmagazine, China News Weekly.

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