imagesReport

China/ Hong Kong Luxury Forecast 2021

Release date
January 2021
# of pages
105
Agency
CSG Research Hong Kong
Report price
USD 1,000
Target countries
  • ChinaChina
  • Hong KongHong Kong

Description

This is a study on Chinese luxury consumers in both Mainland China and Hong Kong, aiming to understand Chinese luxury consumers, analyzing each luxury item category by purchase experience in the past one year and purchase intention in the future.

Summary

With retail shutdown and international travel halted due to the pandemic, global sales of luxury goods shrank by 23% in 2020. However, China stood out as the only market with growth in the past year. Mainland Chinese consumers led a revival in luxury shopping, contributing to remarkable growth of 48% to reach RMB 346 billion in 2020.
Although consumer confidence was still severely affected in the first quarter of 2020 – the percentage of mainland China respondents who planned to spend less on luxury once soared to 19% in March 2020, nearly twice of the figure in December 2019. However, by January 2021, consumer confidence on luxury goods bounced back vigorously – those who planned to spend less on luxury had declined again to 9%, fully returning to the pre-pandemic level. Meanwhile, although Hong Kong respondents are still more cautious, consumer confidence is also on a rebound trajectory.

Research design

• Research method: Online survey
• Respondent criteria:
- Annual household income HKD 720,000 or above (Hong Kong), RMB 500,000 or above (Mainland China)
- Annual spending on luxury: HKD 50,000 or above (Hong Kong), RMB 50,000 or above (Mainland China)

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This report is a fee-based report (in English) priced at USD 1,000 excluding tax.
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(1) The sample report is available from the bottom of this page ("Download (English)").
In the sample report, you can see the list of questions asked in the survey.

(2) The presentation materials of the webinar held on September 28, 2021, on which this report is based, can be downloaded from the bottom of this page ("Download (Other)").

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