Photo: Jing Daily
China sees decline in online sales of luxury goods
In the first 9 months of 2022, luxury goods sales in China were down 1% from the same period a year earlier, after sales slowed in the second and third quarters, writes Worldfootwear.com
According to the global retail, online and B2B analytics company NPD Group, China's luxury e-commerce market, which includes categories such as shoes, jewelry, eyewear, luggage bags, watches and clothing, recorded 30% sales growth in the first quarter of this year compared to the same period in 2021. However, in the subsequent second and third quarters, sales fell by 14% and 5% respectively, interrupting the growth trajectory.
“Lockdowns in major Chinese cities, combined with a slowdown in economic growth, led to lower luxury sales in the second and third quarters,” said Samuel Yang, commercial director of e-commerce at NPD. However, he believes long national holidays, 11 shopping festivals and the Christmas season are likely to boost online luxury sales in the fourth quarter.
The analyst data also shows that from January to September 2022, the apparel and footwear categories registered sales growth of 15% and 11%, respectively, mainly due to an increase in average selling prices. In contrast, sales of watches declined (by 31%), as did sales of glasses (by 23%) and jewelry (by 5%).
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