Luxury Markets
- Created by: Michaela
- Created on: 23-04-14 16:31
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- Luxury Markets
- 62% said they would buy their luxury goods online (2011)
- 40% believe the internet provides trust
- The Chinese are the largest group of consumers for the luxury market
- 71% of Chinese engage in overseas travel to buy their luxury goods (83million trips in 2010)
- Due to high net worth consumer they are now more picky about quality
- By 2015, a third of luxury goods will be bought by Chinese
- Brands mainly showcase through exhibitions
- Luxury prices are 80% more expensive than Europe and North America (nature of the market)
- Imports of Swiss watches fell 24% year on year (2013)
- Websites rarely offer Yuan prices
- Consumers don't like brands known by the majority
- Made in Germany and Japan are marks of quality
- Want items reflective of their own culture today - demand has weakened
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