China’s Luxury Market
in a Post-Land-Rush Era
Matt Anestis, Jean-Marc Bellaiche, Hubert Hsu, Michelle Eirinberg Kluz,
Yan Lou, and Vincent Lui
September 2009
China’s Luxury Market
in a Post-Land-Rush Era
hina continues to be an important market for global luxury-panies. Although not
immune to the global economic crisis, the country has suff ered far less than others, and econo-
mists are even revising upward their GDP growth estimates for the country to the high single
C digits for 2009. The continued health of China’s luxury market makes it an oasis of hope and
possibility in a recession-battered world.
China is expected to e the world’s largest luxury market in the next fi ve to seven years. Already, as
wealth has spread from the nation’s large coastal cities to smaller cities in the north and west, luxury
stores have begun to follow. In fact, the past few years could be characterized as a “land rush,” in which
competing luxury brands have tried to establish themselves by capturing territory as fast as possible.
Although China’s luxury market will continue to grow, brands that have expanded rapidly will now need
to think less about extending their footprint and more about improving store effi ciency and optimizing
their work. This shi in focus will require a keener understanding of consumers’ attitudes
about luxury goods in order to strengthen affi liation with the brand—both within China and in the
countries where Chinese consumers travel. For brands with smaller footprints, continuing to grow might
be important, but doing so wisely will be critical. Ultimately, all panies will need to improve
coordination between global and local offi ces, carefully assess the need for a physical presence in each of
the cities in this market, determine how they might build a brand in cities where they lack a retail pres-
ence, and develop the tools necessary to win new customers at the point of sale.
To assist panies as they begin experime
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