China is ranked the second-largest market for luxury goods, but its homegrown high-end brands are almost nonexistent, according to a China Daily report.
There is a lack of top-class luxury brands despite China’s growing appetite for luxury goods, said Xiong Xunlin, deputy secretary-general of the China Chamber of International Commerce. Xiong predicts sales of luxury goods in China to reach $27 billion in 2015, accounting for more than 20 percent of the global luxury market. The mismatch will become even more noticeable as the nation’s appetite for high-end products continue to grow, he added.
"Where the country lags far behind is the creation of brands," Xiong was quoted as saying.
Jessica Tu, chairperson of the Luxury Market Council (China), noted that Chinese brands are weak in terms of global influence.
"They need to attach more importance to the exploration of overseas markets," said Tu.
Among all luxury items, jewellery, porcelain, Chinese rice wine and tea brands have the potential to become luxury-class goods, according to experts interviewed by China Daily.
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