Shanghai and Chinese market proved to be a gold treasure for big fashion brands as its purchasing power is growing fast. According to Quartz, a report from June shows that China is the leader in expected sales growth for luxury goods in 2018.
Bain’s analysts predict that sales of luxury goods will grow 22% in China, while America represents 5%, and Europe only 4%. In between, we have Japan with 8% and the rest of Asia is summing 11%. As this chart shows, the money stays in Asia, the biggest buyer in the world and things won’t stop here because it will increase even more by 2021. At this moment, Chinese consumers account for more than $7.4 billions in annual spending on luxury goods.
So there is no wonder that for luxury brands, Asia became the ultimate point of interest. Only in the past months, brands like Victoria’s Secret, Coach or Tommy Hilfiger took their collections and presented them in incredible set up fashion shows.
Now even more designers are turning their heads to the Eastern market. Dolce & Gabbana is the next to bring its iconic style and mix it with Chinese culture into a ready-to-wear collection. The Italian brand announced that it will meet for the first time the Chinese market via a fashion show, which will take place in Shanghai, on November, 21.