09/20/2022 | Press release | Distributed by Public on 09/20/2022 08:06
Port Washington, NY, September 20, 2022 - According to The NPD Group, which recently merged with Information Resources, Inc. (IRI®) to create a leading global technology, analytics and data provider, China luxury e-commerce sales increased 30% in the first quarter of 2022 but declined 18% in the second quarter, leading to a 1% increase in the first half of this year.
China's luxury products market, which includes items sold in the footwear, jewelry, luggage & bags, watch, and apparel categories, reached $822 million (USD) in the first half of 2022. Apparel and luggage & bags categories both experienced sales increase of 16%. However, while the watch category was one of the best performing in terms of revenue, sales of watches declined 33%. Footwear sales increased 10%, and jewelry and eyewear saw respective declines of 8% and 26%, respectively.
"Total sales performance for China's luxury market slowed down in the first half of 2022, especially in the second quarter due to a combination of factors such as the most recent COVID-19 lockdown and logistical issues that limited product shipping," said Samuel Yan, e-commerce commercial lead, The NPD Group. "Average list price for the luxury market continued to increase in the first half, illustrating how Chinese consumers may prefer to buy less, but when they do decide to purchase, they buy premium luxury products."
The NPD Group
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