There has been buzz that although the world economy is experiencing a slowdown, Chinese shoppers will continue to be a growing source of revenue for luxury brands. Even as the numbers fluctuate, new reports suggest that the Chinese luxury consumer will continue to be a dominant force in global sales. The following articles discuss these predictions and the logic behind them.
Chinese shoppers at home and abroad are pushing global sales of luxury items to new heights, helping the sector post its third straight year of strong growth since the global recession. Read the full Washington Post article here.
Bain & Co. released its major annual report on the global luxury goods market yesterday, and it appears there are some big shifts afoot as the market slows down. Read the full Business Insider article here.
Banking authorities said overseas trading volume by Chinese bank card holders increased by 33 percent year-on-year during the autumn holiday season, bringing a fresh driving force to the sluggish global economy. Read the full China Daily article here.
Unlike for many European luxury brands, China remains a strong market for Coach, Lew Frankfort, CEO of the high-end leather goods company, said Tuesday. Read the full CNBC article here.
It’s earnings season and that means a lot of investors are parsing the comments of executives and drilling behind the numbers. Read the full Barron’s article here.
China is set to become the world’s second biggest market for luxury goods after the United States in five years, overtaking France, Britain, Italy and Japan, an industry report said Tuesday. Read the full China Daily article here.
Luxury retailer Shanghai Tang says its Chinese customers spend twice as much as their Western counterparts. Watch the full Wall Street Journal video here.
We have been there before. In early 2009, Premier Wen Jiabao said in Davos that China could achieve 8.5% growth by the year-end. While the audience applauded, few had any faith in the forecast. Read the full CNBC article here.