ALL OF WARC
ALL OF WARC
Pinpoint the case evidence you need – search by industry, objective, media and more.
Case summaries showcasing leading brands achieving key marketing objectives.
Creative TV and video executions from the most innovative and market-leading brands.
Browse campaigns from the world's leading advertising and marketing effectiveness awards.
The latest from our annual case study competitions.
Rankings of the world's most effective agencies, advertisers and brands.
Industry Topic Pages
Shortcuts to the latest industry-focused information and insight.
Apparel & Accessories
Government & Non-profit
Household & Domestic
Media & Entertainment
Pharmaceutical & Health
Toiletries & Cosmetics
Travel & Tourism
Subject Topic Pages
Shortcuts to the latest information
and insight by subject area.
Overviews of leading brand owners, and guides to key issues and tasks.
Browse all articles, papers and case studies by subject.
Latest reports from Warc and trusted partners offering unique insights into current trends.
The driving forces behind consumer behaviour.
New developments for industries and sectors.
Strategic insight for the marketing of brands.
Media & Tech
Latest innovations in media and technology.
Insight and intelligence for countries and regions.
Daily coverage of key developments for marketers worldwide.
The Warc Blog
Insights, opinions and fresh new thinking from our team of bloggers around the world.
Advertising expenditure by medium in 80 markets, plus forecasts and media costs for key countries.
Key briefings from major conferences and events in the US, Europe and Asia Pacific.
Plan your schedule of must-attend events with our global calendar of conferences.
Review your contact details and public profile.
Choose and review which topics to follow.
Choose and review which brands to follow.
Your Email Updates
Select and manage the emails you receive.
Contact your dedicated Client Services Manager.
Put our research team at your service.
Today's Top Stories
Today's Top Stories
Wal-mart gets personal with shoppers
Euro online adspend up 11.5%
Category leadership vital in Indonesia
Mobile ad metrics questioned
Electronic Arts is most social brand
Indian attitudes to luxury alter
7 Day Round-Up
The Warc Blog
China becomes biggest luxury market
BEIJING: A sustained boom in demand for high-end goods across China means the country has now overtaken the US to become the world's largest luxury market, Bain & Company has revealed.
The consultancy estimated that China yields roughly 27% of spending on luxury goods and services globally today, versus around 20% for the US. By 2015, the Asian nation is likely to deliver 33% of sales, the
China Daily reports
The firm also forecast that luxury sales should grow by 7% year on year across mainland China in 2012, reaching US$18.1bn. This is the lowest annual growth recorded by the sector in China in five years, but still outpaces most major international markets.
When including purchases by Chinese shoppers overseas, the country's net luxury spend increases to $46.4bn, as travellers take advantage of the lower prices and broader choice available overseas.
The recent weakness of the euro has encouraged this trend among visitors to Europe. But the sector also faces economic and regulatory challenges which could trim sales growth over the longer term.
Most importantly, it is expected that GDP growth will reach just 7.5% in China during 2012, according to the
latest Warc forecasts
. This would be the slowest pace of economic expansion in over a decade.
Meanwhile, Bruno Lannes, a partner at Bain & Company, suggested that new laws banning the purchase of luxury goods with public funds have also cooled domestic demand.
In evidence of this, the proportion of overall luxury sales generated by gift giving, a key category driver in China, is pegged to decline from 30% in 2011 to 25% in 2012.
Lannes also suggested that shifting tastes among Chinese shoppers are likely to wield an increasing influence on luxury product design, marketing and service provision over the years ahead.
"Changes in what Chinese shoppers want are now a central issue for the global luxury sector's largest brands," he said.
Data sourced from China Daily/South China Morning Post; additional content by Warc staff, 17 December 2012
Luxury brands look to long term
Spirits brands see digital openings in Asia
APAC marketers tackle digital challenge
Content & Partners
Terms & Conditions
© 2013 Copyright and Database Rights owned by Warc