It is not new news that the demand for luxury goods in China is growing stronger and stronger, Venture Burn magazine reports.
Many pundits and luxury brands alike predict that it is just a matter of time before China becomes the number-one country for luxury products. While China’s over e-commerce in 2013 is expected to reach $296 billion, it is projected that e-commerce for luxury products will make up about $27 billion of that amount, which is more than 9% of the total, according to a report by Observer Solutions.
Affluent Chinese want luxury yachts, automobiles, apparel, jewelry, gadgetry, and so on. It runs the gamut, as the wealthy folks are now demanding to have the best products and services that money can buy.
As we’ve chronicled on this blog over the years, China’s priciest and most prestigious e-stores are a diverse bunch of excellent businesses, from global haute couture brands like Net-A-Porter, to homegrown startups prospering in fine wine e-commerce, to high-end flash sales site VipShop.