It was only a little over 30 years ago when China first started to implement economic reforms, opening its doors to the rest of the world. Once viewed as a developing market with a great deal of potential, China is now one of the fastest growing economies in the world, with an average annual GDP growth rate of 9.69 percent since 1989.
Now a mature market in its own right, the Middle Kingdom is a global economic powerhouse and boasts the most number of billionaires in the world (according to the 2017 Hurun Global Rich List, it is home to 609 of the planet’s 2257 known billionaires). Spending on luxury goods are, naturally, at a high. In fact, Chinese consumers buy more luxury products than those from any other country and account for almost a third of global sales of such items.
While Western brands have been increasingly successful at appealing to Chinese consumers, many challenges remain in reaching out to this market segment. Over time, whether due to technological advancements or changes in tastes and preferences, chasms have started to form between the luxury world and the growing base of consumers it is trying to reach. How can these gaps be bridged and worlds be brought closer together?
Find out all that and more at the 2017 Luxury Society Keynote in Shanghai, on November 29. For more information or details, contact us at [email protected]
Otherwise, mark your calendars and watch this space for more updates on the programme and speakers involved.
We’ll see you there!