“By 2015, China is expected to surpass Japan as the world’s number one luxury market, accounting for more than 20% of the global demand.” – McKinsey Insights China, 2012
China will account for about 20 percent, or 180 billion RMB ($27 billion), of global luxury sales in 2015. As Chinese consumers increasingly travel further afield, their tastes and knowledge of products continue to widen. China continues to play a very important role for global luxury brands.
Key one: Researched luxury brands segment in China
Overall, Chinese consumers show a strong interest for brands originating from Europe, comprising of78% of the total brand lists and automobile searches lead the segment. Cars make up an impressive 54% of total searches for luxury brands in China, followed by Beauty (18%), Fashion (17%) as well as Jewellery (6%).