Filter component

China: Luxury consumer products

Market opportunity: Luxury consumer products

Key details

Opportunity: Luxury consumer products

Country: China

Sector: Consumer goods

Summary

China offers significant potential for Scottish companies, especially as it has been the first major global economy to recover from Covid-19, combined with its significant population of young and internet-savvy consumers.

However, the pandemic has changed the ways consumers in China shop for luxury and premium goods.

Although China’s rise as a global leader in eCommerce was recognised before Covid-19, there has been an acceleration of the digitisation of business-to-consumer applications and channels in 2020.

Covid-19 has also forced China’s affluent generations to think harder about spending, saving and trade-offs in purchasing behaviours. Consumers (especially the young) are becoming more prudent and health conscious.

The Covid-19 crisis has also made Chinese consumers more aware of sustainability and the environment, and it has increased interest in spending on health and wellness, as well as essentials such as casual apparel, skincare, and home products—all trends that Scottish companies are well placed to respond to.

Scale of opportunity

Chinese consumers will account for nearly 50% of the global luxury market—valued at €320-330 billion EUR—by 2025.

The country will see nearly $2 trillion USD in new consumption by 2021—about 27% of the total consumption growth that will occur in major economies during that time.

Eligible companies

This opportunity is open to:

  • Scottish companies that are ambitious and can invest in long-term strategies for developing the China market.
  • Brands in fashion and accessories, home and interior, and sports and personal care categories with unique selling points (e.g. heritage, craftsmanship and innovation).

Register your interest

If you are interested in this opportunity and would like to talk to one of our in-market specialists, complete our online form and we'll be in touch.

Register your interest

Register your interest

Get in touch with our in-market specialists to find out more about this export opportunity.