China's luxury market maintains a growth rate of 20%-30% annually, ranking first in the world. World Luxury Association said that China's luxury consumption in 2007 (jewelry, dress, leather goods, perfume, excluding private plane and yacht) reached US$8 billion, taking up 18% of the global total.
In the luxury market, dress takes up 32% of the total value, perfume and cosmetics 23%, watch and jewelry 20%, ornaments and accessories 19%, home 3% and dinning table decorations 3%.
According to statistics of the General Administration of Customs of China, export volume of the top six international clothing brands to China, LV, Gucci, Dior, Versace, Prada and Fendi has increased year by year since 2005 and their sales revenue in China is also on the upward trend.
Top Six Luxury Dressing Brands Export to China, 2005-2007
(unit: CNY 10,000)