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Boom time for luxury market in China

Last updated on: July 30, 2012 12:08 IST

Boom time for luxury market in China

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Major international luxury goods manufacturers are riding high in China with the luxury goods market booming, despite a slowdown in economic growth.

China will account for about 20 per cent, or $27 billion, of global luxury sales in 2015, according to McKinsey research.

Even during the global recession in 2009, sales of luxury goods in the mainland rose by 16 per cent, to about 64 billion renminbi - down from the 20 percent growth of previous years but far better than the performance of many other major luxury markets, says McKinsey.

Take a look at how China is driving the luxury market boom...

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Image: Waiters open a Chinese traditional red door inside a luxurious furniture museum in Beijing.
Photographs: Jason Lee/Reuters.
Tags: McKinsey , China

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A guide looks in from the entrance of a hall for a Louis Vuitton Voyages exhibition at the National Museum of China in Beijing.

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Image: Jason Lee/Reuters.


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A businessman talks on the phone next to a Challenger 300 aircraft during the Shanghai International Business Aviation Show at Hongqiao International Airport in Shanghai. 

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Photographs: Carlos Barria/Reuters.

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Louis Vuitton sunglasses are seen at the largest Louis Vuitton store in China, which is located in Shanghai.

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Photographs: Aly Song/Reuters.

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Guests attend a dinner at Ultraviolet restaurant in Shanghai.

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Photographs: Carlos Barria/Reuters.

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Security guards stand in front of a entrance of the Louis Vuitton fashion show in Shanghai.

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Photographs: Aly Song/Reuters.

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A man films a gold-plated Infiniti G37 at a jewellery store in Nanjing, Jiangsu province.

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Photographs: China Daily/Reuters.
Tags: Jiangsu , G37 , China , Nanjing

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A cleaner uses a feather duster to clean a bottle of the luxury Scotch whisky brand Royal Salute on display at a launch ceremony for the release of the '62 Gun Salute' series in central Beijing.

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Photographs: David Gray/Reuters.

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Guests take snapshots of a gold bathtub at the 2006 Millionaires' Fair at the Shanghai Exhibition Centre.

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Photographs: China Daily/Reuters.
Tags: , China , Shanghai

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Staff members of the new Gucci flagship store in Shanghai chat as they wait for customers on its opening day.

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Photographs: Nir Elias/Reuters.
Tags: , Gucci , China , Shanghai

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A waitress carrying an umbrella walks down the driveway to Chateau Laffitte Hotel, an imitation of the 1650 Chateau Maisons-Laffitte by French architect Francois Mansart, located on the outskirts of Beijing.

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Photographs: David Gray/Reuters.

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An Audi car drives past Tiananmen Square as a police officer stands guard on a street in central Beijing.

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Photographs: Soo Hoo Zheyang/Reuters.

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Family members of a couple getting married sit inside a Hammer Limousine on the drive to the wedding reception in Shanghai.

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Photographs: Nir Elias/Reuters.

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A general view shows the Huangpu River from the balcony of an apartment at the Tomson's Riviera project in Shanghai.

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Photographs: Nir Elias/Reuters.

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A fine and rare famille-rose "peach" vase, Tianqiuping, with a seal mark and period of Qianlong, which is estimated to fetch $10.3-15.4 million, is shown during a Sotheby's preview in Hong Kong.

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Photographs: Bobby Yip/Reuters.
Tags: , Hong Kong , Sotheby , China

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Employees use irons on chair covers before a Louis Vuitton's news conference in Shanghai.

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Photographs: Aly Song/Reuters.

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A woman walks past a Burberry shop in Beijing.

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Photographs: Jason Lee/Reuters.
Tags: , China , Beijing , Burberry

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A worker adjusts a display of Mont Blanc watches at the luxury-goods company's new store in Beijing.

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Photographs: David Gray/Reuters.

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A bottle of Hennessy X.O. is displayed next to a model at the Top Essence luxury goods show in Beijing.

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Photographs: Jason Lee/Reuters.
Tags: , Hennessy , China , Beijing

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Women pose for a picture in front of the new skyscraper tower of Huaxi village, Jiangsu province.

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Photographs: Carlos Barria/Reuters.

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A Ferrari 458 Spider is loaded onto a truck after being bought by a young Chinese at its showroom in Shenzhen.

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Photographs: Bobby Yip/Reuters.
Tags: , Ferrari , Shenzhen , China

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Mobile phones plated in stainless steel and 18-carat gold (top), with a price tag of HK$79,750 ($10,249) and HK$462,000 ($59,380) respectively, are shown at a luxury goods department store in Hong Kong.

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Photographs: Bobby Yip/Reuters.
Tags: , Hong Kong , China

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Huaxi village, also known as China's richest village, celebrates its 50th anniversary with the inauguration of a massive 328-meters (1,076 feet) high skyscraper that screams for attention from its lowly skyline.

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Image: Guests walk in the lobby of the new skyscraper tower of Huaxi village before its official inauguration in Jiangsu province.
Photographs: Carlos Barria/Reuters.
Tags: China , Huaxi

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The newly inaugurated skyscraper tower of Huaxi village is seen in Huaxi village, Jiangsu province.

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Photographs: Carlos Barria/Reuters.

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A waiter is reflected in a mirror as he pours Scotch whisky from luxury brand Royal Salute into glasses at a launch ceremony for the release of the '62 Gun Salute' series in central Beijing.

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Photographs: David Gray/Reuters.

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Galaxy Macau, the latest resort in Macau built by Galaxy Entertainment Group, is lit up in the evening after it opened for business.

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Photographs: Bobby Yip/Reuters.

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A visitor walks past Chinese security guards as she walks into a hall for the Top Essence luxury goods show in Beijing.



Photographs: Jason Lee/Reuters.

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