Online sales of luxury products in China totaled $1.2 billion (USD) for the year to date ending September 2022
Port Washington, NY, November 10, 2022 – According to The NPD Group, for the year-to-date ending September 2022, e-commerce sales for luxury products in mainland China reached $1.2 billion (US), a decline of 1% versus the same period last year.
China’s luxury products market, which includes items sold in the footwear, jewelry, eyewear, luggage and bags, watch, and apparel categories, experienced a 30% increase in sales in the first quarter of this year and a 1% increase over in the first half, when compared to the same time periods in 2021. Sales declined in the second and third quarters of 2022, falling 14% and 5%, respectively.
“The lockdowns in major Chinese cities, combined with the economic slowdown, led to decreasing luxury sales in the second and third quarters. However, the long national holidays, double 11 shopping festival, and Christmas season will likely boost luxury e-commerce sales in the fourth quarter,” said Samuel Yan, e-commerce commercial lead, NPD.
Apparel and footwear experienced respective increases of 15% and 11% so far this year, mainly due to growth in average selling prices. Watches saw the highest decline, dropping 31%, followed by eyewear, which declined 23%, and jewelry, down 5%.
Luxury conglomerates contributed the most to industry sales in China. The top five luxury manufacturers generated $538 million in sales, taking 45% of the total value sales.