February 22, 2012

Online luxury market soaring in China

 

For the first time, China’s online luxury shopping market has exceeded 10 billion yuan ($1.59 billion) in sales. It is expected that this market will continue to grow at a year-on-year increase of 30% over the next several years.

If, as expected, the market continues to grow at this level, it will reach 37.24 billion yuan in sales by 2015.

The Boston Consulting Group forecasts that China is likely to become the world’s largest e-commerce market by 2015, surpassing the United States.

Statistics from the China Internet Network Information Center shows that the nation had 173 million online buyers during the first half of 2011. This figure is likely to reach about 350 million by 2014, which exceeds the population of the U.S.

80% of buyers of luxury products were younger than 35, indicating that affluent young people are driving internet-based luxury shopping.

Currently, China’s online luxury market remains small. One of the factors that set back the growth of the nation’s online luxury shopping market was the fact that choice is limited. “Current online luxury purchasing was confined to top-tier global 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.

Click here to read the full story at ChinaDaily.com.cn

 

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