Future Development and Present Situation of China's Luxury Market

Abstract

Abstract-Chinese tourists have become one of the groups that consume most luxury goods in the world since 2013. Based on the data from ministry of commerce of the People's Republic of China, the foreign luxury goods consumption of Chinese tourists is about 1 .02 trillion Yuan in 2015. Meanwhile, Chinese luxury goods market exhibits a potential of stronger demand and it has attracted a lot of international companies to pay more attention to Chinese market. In this article, the facts and characteristics of China's luxury market will be discussed; and some strategies are suggested for both foreign and local companies with regard to possible development.