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Luxury Market Demand For High-End Clothing Is Still More.

2012/5/17 14:02:00 32


Luxury market demand for high-end clothing is still more.


High income elimination

Fee people prefer to buy cotton or cotton blended clothes.



If you feel good about being a rich person, then the luxury industry that you serve for the rich is also feeling good.

The global market of luxury clothing is thriving and expanding, especially in the luxury market in China and the United States.

Isabel Cavill, senior retail analyst at Planet Retail, the world's leading UK retail intelligence research firm, said: "the overall trend of the luxury industry is upward, and there are enough fans in the US luxury market and other emerging markets."

The high-end apparel market will perform well in 2012.

Erika Serow, a partner in Bain management consultancy (Bain&Company) and a luxury clothing expert, believes that the US luxury market sales level in 2011 is the same as the total before the recession, and the growth rate is expected to fall somewhat at 3%-5%.

Brett Anderson, editor in chief and senior vice president of the rob report, also said that the rob report believes that the high-end clothing market in 2012 will perform well.

"This is reflected in our editorial plan. In 2012, we have a special introduction to the fashion trend of high-end clothing."

According to the Lifestyle Monitor survey of the new trend of luxury consumption, the average annual income of us high income earners of $75000 or above in reached an average of 903 US dollars for clothing. People earning more than US $100 thousand spend an average of 975 US dollars on clothing, while those earning more than 200 thousand US dollars spend 1073 dollars on clothing.

In addition, male consumers in the US high income group spend an average of 780 dollars on clothing, while female consumers spend significantly more than men, spending an average of 1009 dollars on clothing.

Throughout the world, the number of Chinese consumers with disposable income has been increasing.

Data from the US Cotton Corp and the International Cotton Association survey of Chinese consumers show that Chinese high-income earners earning $925 or more a month spend $373 a year on clothing.

Male consumers in China's high-income group spend an average of 329 dollars on clothing, while female consumers spend more than men on average, spending an average of 411 dollars on clothing.

Chinese and American high income groups choose different shopping places.

Boris Planer, research director of Planet Retail, said that special attention should be paid to the differences between the definition of "high income" between the US and Chinese consumers in order to better understand the relevant figures of clothing consumption.

Fashion designers and retailers in emerging Asia and Latin America will continue to expand their markets for different cities, not the whole country.

Lifestyle survey found that in the United States, 63% of the high income group liked to spend in chain stores, 58% of the high-income people liked shopping in department stores, 48% of the high-income people were willing to go to the parity stores, and 46% or 30% of the high income groups liked to shop and shop online.

Meanwhile, according to the survey of Chinese consumers by the US Cotton Corp and the international cotton association of the United States, 43% of Chinese luxury consumer groups like to go to department store consumption, 41% of Chinese luxury consumers are willing to shop in stores, and 32% and 22% of Chinese luxury consumers love chain stores and supermarket consumption respectively.

China's luxury clothing market still has room for growth.

As the luxury retail market in the US has more choices in depth and breadth, consumers in China and South America are coming.

Erika Serow, a partner at Bain management consultancy and a luxury clothing expert, believes that their consumption is important for major cities such as New York, Losangeles and Las Vegas.

Now, more consumers are flocking to Miami and Chicago.

Even though China has opened more luxury brand stores than anywhere else last year, high taxes have made many Chinese consumers willing to spend luxury goods in other countries.

Erika Serow said that more than half of Chinese consumers' luxury consumption took place overseas, and pointed out that there is still room for improvement in clothing.

"Chinese consumers spend a lot of money on cosmetics and accessories, so they spend much less on clothing consumption, both overseas and China."

Erika Serow continued, "Bain expects the Chinese luxury apparel market to grow at 20%-30% in the next two or three years.

The clothing market still has considerable room for development. It accounts for only 14% of China's luxury consumption, much less than 25% of other countries.

Brazil is an example. Although luxury consumption has reached 23 billion euros in 2011, its growth rate is still very fast, and clothing consumption accounts for only 6% of its total luxury consumption.


Wall Street

According to the times report, PPR SA, the parent company of Gucci, plans to open 110 shops this year, half of which are in Asia and the other half in other regions.

Meanwhile, Saint Laurent and Balenciaga are planning to open a new flagship store in Paris and plan to open 4 branches in Brazil.

American luxury consumers pay attention to quality

Lifestyle survey found that for the luxury consumers in the United States, clothing quality, durability and highlight the fashion and style are very important for buying clothes, including 94% of the quality, 90% of wearable clothes, 86% of the fashion and style.

Erika Serow mentioned that luxury clothing accounted for 20% of total consumption of luxury goods. Luxury consumers preferred to buy a garment that could be worn all the time, rather than several fashionable but outdated clothing.

Isabel Carvill, a senior retail analyst at Planet Retail, a retail intelligence research firm, agrees. "Consumers tend to buy high value-added and time tested clothing, so for example, suits and tops are expected to be the main sales targets this year."

Brand names are always important to consumers.

Brett Anderson, editor in chief and senior vice president of the rob report, said: "for the wealthiest Americans, quality is the most important factor in deciding whether to buy or not.

They seldom consider the trend of fashion, they think they are the founder of fashion.

Classic style and wearability are the main factors that they consider when buying luxury clothes.

This is why some brands such as Kiton, Hermes, Louis Vuitton or Ermenegildo Zegna have a lot of commonalities. They are all concerned about the tailoring and the beauty of the past.

Lifestyle survey found that 81% of the US high income consumers and 79% of China's high-income consumers prefer to buy cotton or cotton mixed clothes.

In addition, 82% of the US high-income consumers and 74% of China's high-income consumer groups say that cotton and cotton blended clothing are most consistent with today's fashion trends.

It is a luxury not to attract a large number of middle class.

If there is anything wrong with the luxury market, it has not attracted a large number of middle class: they have high incomes, but they do not spend much in the luxury market.

Brett Anderson said: in 2009, the middle class almost left the luxury market because of the weakness of the US economy, and now they are coming back gradually.

If the economy recovers again, we can expect the rapid return of these consumers.

However, no matter how the economy fluctuates, those super high income consumers still remain.

Purchase luxury goods


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