Bain & Company’s always great report is out now and you should be reading it if you want to sell to an affluent audience.
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WHAT IT SAYS
[highlight]Hong Kong is the 5th largest personal luxury goods city in the world.[/highlight]
#2 Japan (is that a city??)
#5 Hong Kong
The market for personal luxury goods has nearly tripled over the past 20 years, but growth is leveling off.
The three biggest segments of the luxury market (in order) are cars, personal luxury goods and luxury hospitality.
The online luxury market now makes up 5% of all sales (up 12X in 11 years). Retailers like department stores are still the top-performers online, followed by e-tailers, and finally [highlight]individual brands of which 35% STILL do not sell online[/highlight].
The market for luxury goods in China contracted in 2014, yet purchases by [highlight]Chinese consumers now represent about 1/3 of the global market[/highlight].
Greater China is flattening while South Korea strengthened its position as a trendsetter and influencer for fashion and luxury. In Southeast Asia, Malaysia and Singapore were hampered by the Malaysian airline accidents, but most of the rest of the region experienced a brisk pace of growth.
Joëlle de Montgolfier