Luxury sales robust
Print Edition
RUDER Finn Public Relations and Consumer Research Group recently released the 2016 China luxury forecast, revealing China’s mainland appetite for luxury still broadly robust, but decline seen across luxury sectors in Hong Kong.
A total of 42 percent of consumers in China’s mainland are looking to spend more on luxury items across all categories but in Hong Kong this figure has fallen to just 25 percent, a drop from 2015’s figure of 30 percent.
In an encouraging sign for the travel industry in China’s mainland, 53 percent say they intend to spend more on luxury travel in the coming year, up from last year’s figure of 50 percent. Consequently, spending by Chinese travelers is expected to drive more growth in luxury markets outside China’s mainland, although it dropped by five percent in Hong Kong.
Meanwhile, e-commerce continues to represent a major opportunity for luxury brands, in which online amounts to 25 percent and 20 percent of luxury spending by China’s mainland and Hong Kong customers respectively.
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