Chinas Increasing Role and Influence on the US and Worlds Luxury Markets

With Chinas now 240 million online shoppers and growing there"s an unparalleled opportunity for US luxury brands to market their high end items. In 2012 China became the worlds largest consumer of luxury items. 

With the governments approval of the growth of its ecosystem it is estimated in the next few years its ecommerce will grow at the double digit rate and become the biggest total luxury market by 2015. It is expected to account for 20% or 27 billion dollars of global luxury sales by 2015. 

Despite ongoing concerns over quality and authenticity the ability to compare prices and larger selections of luxury items the Chinese are still motivated to shop online. There still remains a huge unmet demand from inner cities for these luxury items. Some European and Western countries are beginning to to make a crossroads into larger cities like Shanghai and Beijing where people are beginning to see wage and wealth levels that are fueling the desire for luxury items. 

Beijing

Just last month Beijing hosted the 2nd Luxury China Expo at the Chinas International Exhibition Centre Exhibitors of high end luxury items and services from 12 countries including the US and companies from 11 Malaysian brands were on hand to exhibit their brands. It is extremely important for Malaysian companies to showcase their products and services to the growing Chinese market now to take full advantage of this enormous growth. Luxury products and services that were on hand include jewelry,the arts,antique and high end apparrel and coffee and gold dealers. Chinas gold consumption has surged more than 30% recently and certain groups feel China is going to be a tremendous market for their business.

Chinas International Exhibition Centre