china tipped to be 2nd biggest luxury market by 2017
Last Updated : GMT 20:27:03
Arab Today, arab today
Arab Today, arab today

China tipped to be 2nd biggest luxury market by 2017

Arab Today, arab today

Arab Today, arab today China tipped to be 2nd biggest luxury market by 2017

Beijing - AFP

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 on Tuesday. Developed countries still dominate the personal luxury market but economic woes are reducing demand while rising middle classes in emerging economies take up the slack, consumer research group Euromonitor said. Luxury-goods sales could top $302 billion worldwide this year, up 4.0 percent from 2011, as buyers from developing nations snap up designer handbags, clothes, jewellery, watches, fine wine, champagne and spirits, it said. "Benefitting from a fast-growing middle class and a fast-developing luxury distribution network, sales of luxury goods in China have consistently outperformed the global market," Euromonitor said. Japan is currently the world's second biggest market for luxury goods but its share has been shrinking as the country struggles with economic problems. Demand for luxury goods has been lacklustre this year in developed Western markets and Japan due to rising prices and mounting insecurity over jobs and pensions, Euromonitor said. However, emerging markets led by the so-called BRIC grouping -- Brazil, Russia, India and China -- are making up for the shortfall. The BRIC countries will account for 11 percent of total luxury sales with a combined retail value of over $33 billion this year, up from only 4.0 percent in 2007, it said. This is forecast to rise to $59 billion, or 16 percent of global sales, by 2017. The world's four biggest luxury goods markets -- the United States, Japan, Italy and France -- still accounted for almost half the value in sales this year, the report said. Designer apparel are expected to remain the best-selling items, accounting for 42 percent of total luxury goods revenue by 2017, but jewellery and timepieces are fast gaining popularity, it said. While China's importance to luxury goods makers has soared in recent years, signs have emerged of demand growth easing. Last month saw shares in luxury clothing and accessories group Burberry tumble after the British firm issued a surprise profit warning which analysts blamed on China's economic slowdown.

arabstoday
arabstoday

GMT 11:57 2017 Friday ,17 November

US stocks boosted by solid Wal-Mart, Cisco earnings

GMT 06:51 2017 Friday ,17 November

Bahrain Bourse daily trading performance

GMT 03:57 2017 Thursday ,16 November

Stock markets retreat as oil slides

GMT 15:05 2017 Wednesday ,15 November

Bahrain Bourse daily trading performance

GMT 02:47 2017 Wednesday ,15 November

Asian markets down as fears grow for US tax reform

GMT 19:56 2017 Tuesday ,14 November

Bahrain Bourse daily trading performance

GMT 02:48 2017 Saturday ,11 November

European stock markets fall further

GMT 11:45 2017 Friday ,10 November

Bahrain Bourse daily trading performance
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china tipped to be 2nd biggest luxury market by 2017 china tipped to be 2nd biggest luxury market by 2017

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

china tipped to be 2nd biggest luxury market by 2017 china tipped to be 2nd biggest luxury market by 2017

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Banyan Tree Phuket Takes Festive Season

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Top Democrat faces investigation

GMT 09:50 2017 Friday ,17 November

Top Democrat faces investigation
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Angola oil boss sacked by father's protege

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Urban, young and active?

GMT 11:01 2017 Thursday ,16 November

Urban, young and active?
Arab Today, arab today Ayten Amer happy for “The Flood” success

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success
Arab Today, arab today Unloved vultures fight for their survival

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 08:21 2017 Tuesday ,14 November

Nelly Karim focuses on humanitarian roles

GMT 09:23 2017 Wednesday ,15 November

Years melt away as Bening & Bell play unlikely lovers

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 13:40 2017 Monday ,13 November

Pollution spikes in Delhi amid warnings

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 10:55 2017 Thursday ,16 November

UN warns fuel running out

GMT 01:04 2017 Wednesday ,15 November

In Morocco, a blue tourist town

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday