During this period, many foreign experts expressed their optimism about China's economy. First, Morgan Stanley analysts believed that China’s economic growth rate would be 10 times that of the United States in 2023; then Russian experts pointed out that China’s life and economy are returning to normal rhythm, and countries around the world are placing their hopes on this locomotive.
The main reason why foreigners are optimistic about China's economy is that we have the most comprehensive manufacturing industry and the most potential consumer market in the world. After liberalization, they can also get a share of the pie. Especially in the Chinese market, many international companies want to invest and do business. Recently, Bloomberg in the United States published an article stating that the luxury goods industry is optimistic about the potential of the Chinese market.
Bloomberg also cited a set of data. In November last year, before the critical holiday shopping season, total luxury goods spending in the United States fell by double digits, a drop of 11%, compared with 2021. But China has given hope to the luxury goods industry again, with buyers from this country accounting for 17% to 19% of global spending in 2022.
In fact, Bloomberg is not the first foreign media to be optimistic about China's luxury market. Previously, the American "Fine Luxury Business Website" listed Ningbo , Suzhou , Xi'an, Shenyang and Wuhan, believing that these five emerging cities in China are areas that luxury brands cannot ignore. In addition, Reuters also observed that Coach is going to open a store in Baoji, Shaanxi, and believes that luxury brands have targeted small and medium-sized cities in China.
has one thing to say, and the foreign media’s words are not without purpose. In 2021, the Chinese luxury goods market will grow by 18% year-on-year, with total consumption reaching US$146.5 billion, nearly 1 trillion yuan, which means that the Chinese have contributed 1 trillion yuan in luxury goods consumption around the world. In particular, the phenomenon of consumption reshoring is very obvious, and China's domestic market accounts for 30% of the global luxury goods market.
For example, the latest news is that SKP, known as Asia's most expensive and high-end luxury shopping mall, has opened its doors in Chengdu after Beijing and Xi'an. According to media reports, Chengdu SKP will introduce nearly 1,300 brands, including many leading luxury brands such as Gucci and Dior . On the first day of opening, there was a long queue at the door of LV. This is the shopping enthusiasm of Chinese consumers.
In addition to the offline market, luxury goods consumption in the domestic online market is also very strong. Professional organizations predict that online channels will affect 40% of luxury goods purchasing behavior, and many big brands have moved to e-commerce platforms to release new products and launch exclusive services. For example, Vipshop launched the "Vipshop Luxury" and trendy style columns this year, bringing global trendy luxury brands to consumers, setting off a wave of consumer enthusiasm.
In August this year, Vipshop launched the Luxury Product Day event. As a result, the overall sales increased by more than three times compared with normal days. On the eve of Double 11, there was a "Luxury Product Day" event with a golden autumn gift-giving theme. Vipshop's overall sales of luxury goods tripled compared to usual times. It seems that when big luxury brands encounter discount e-commerce, a different spark is created.
The hot sales of big foreign luxury brands in the Chinese market is ironclad evidence that foreigners are optimistic about the Chinese economy. It is estimated that as the economy continues to recover, everyone's wallets will become richer, the demand for luxury brands will further increase, and consumers' pursuit of high-quality life will be effectively satisfied.
