China's luxury goods market grows steadily

Although various parties began to worry about the slowdown in the development of luxury goods in China, the outlook for the luxury goods market is still very optimistic. The Organization for Economic Cooperation and Development predicted that China's domestic product growth rate will decline by 8.5%, reaching its lowest level in 11 years.

However, this data seems to have little impact on the luxury industry. CLSA's Aaron Fischer said that in the past 12-18 months, the growth rate of major international luxury brands in China has reached 40-80%.

Isabel Cavill, a senior analyst from Planet Retail, stated that the growth rate of the luxury market in China from 2012 to 2013 will reach 20%, while the consumption of luxury goods has begun to shift to second- and third-tier cities such as degrees.