imagesReport

China/ Hong Kong Luxury Forecast 2020

Release date
December 2019
# of pages
93
Agency
CSG Research Hong Kong
Report price
Free
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

China continues to be a market leader, accounting for about 35% of the global luxury market. However, with the worldwide spread of COVID-19 and the political situation in Hong Kong, the number of people who are willing to spend less on luxury goods is on the rise both in Mainland China and Hong Kong.
In Mainland China, Among luxury products, the category that most consumers said they would spend money on in the future was the "beauty" category. We have seen new trends in Mainland China such as wealthier consumers in tier 3 or below cities are more willing to spend than those in tier 1 and 2 cities, and more purchases are being made from official brand websites.

Research design

*Research method: Online survey
*Respondent criteria: Household income HKD 720,000or above (Hong Kong), RMB 500,000or above (Mainland China)

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