The poll by market research firm Ipsos found that Chinese buyers preferred to shop on the mainland for luxury goods in five of its seven categories — watches, cosmetics, clothes, shoes, and wines and cigars.
Chinese consumers will be the leading buyers of luxury goods brands by 2015, snapping up pricy items at home and abroad, according to a study published Tuesday by the Boston Consulting Group.
“We predict that by 2020, more than 330 cities in China will have the same level of disposable income that Shanghai had in 2010, and that by 2015, China will become the world’s largest luxury market,” the BCG said.
French luxury brands from Chanel to Vuitton on Wednesday launch a campaign with several European countries to fight back against the increasingly lucrative and damaging flood of counterfeit goods.
The global market for luxury fakes has exploded, fed by Asia where 85 percent of articles seized in Europe are produced and the increasing popularity of on-line shops that give the buyer a sense of anonymity and impunity.
Mainland luxury Chinese consumers are becoming increasingly open to shopping for, and finding information about, luxury brands online with news portals.
Weibo is one of the most popular sources for information, according to the results of a survey released November 28 by PR group Ruder Finn Asia.
The survey was conducted among 1057 Mainland Chinese luxury shoppers by Ruder Finn Asia as part of its China Luxury Forecast.
The Swiss watch industry is in rude health with exports leaping once again last month and watchmakers set to notch up a record year thanks to Chinese consumers
Despite the the effect of the global debt crisis, the demand for Swiss watches hit a peak in October, putting smiles on the faces of the country’s 600 watchmakers.