Industry News

China’s Evolving Market in 2025: Innovation, Disruption, and Recovery

After a year of profound transformation in 2024, it is time for the evolving China market to adapt, innovate, and prepare for what lies ahead. That is, 2025 is set to be a year of change, disruption, recovery, and evolution, with shifting consumer priorities, rapid technological advancements, changing geopolitical demands, and economic conditions reshaping industries.

Consumers are becoming more rational and quality-driven, focusing on health, sustainability, and digital convenience. AI, fintech, and online-merge-offline retail are accelerating, while regulatory shifts and global trade challenges create both risks and opportunities for businesses.

The China Mega Report 2025, incorporating insights from over 50 China experts, offers a comprehensive look at one of the world’s most dynamic markets. It explores key trends in technology, consumer behavior, consumption economies, the future of retail, marketing, and innovation.

China's Economy: Larger Than 30 Asian Economies Combined

In 2024, China's economy, worth $18 trillion, surpasses the combined GDP of 30 other Asian countries, including Japan, India, and South Korea. With a population of 1.4 billion, China's GDP per capita stands at $12,870, much higher than the $5,583 average for the rest of the region.

China's rapid growth has had a huge global impact, contributing nearly 39% of global growth from 2012-2021. However, the recent economic slowdown raises concerns, especially for countries reliant on Chinese demand. As China shifts focus to international markets, tensions with the U.S. and EU over trade practices are rising, potentially increasing global costs.

The State of Fashion 2025 - A Glimpse into the Future of the Industry

The fashion industry is heading into 2025 with both challenges and opportunities on the horizon. The State of Fashion 2025, a collaboration between the Business of Fashion (BoF) and McKinsey & Company, explores key themes shaping the industry, from shifting global trade dynamics to the rise of AI-driven and the increasing influence of the "Silver Generation".

As economic uncertainty looms, brands must navigate a changing consumer landscape, where price sensitivity and sustainability concerns drive purchasing decisions. The report highlights emerging growth markets in Asia, the evolving role of marketplaces and the sportswear sector's transformation as challenger brands gain momentum.

Additionally, inventory optimization and supply chain resilience will be crucial for brands looking to maintain profitability. Despite the challenges, fashion leaders who. adapt quickly and embrace innovation will find new pathways to growth.

21 Key Insights into the Future of Retail in China

Over 220 executives from retail and consumer goods sectors gathered at PwC Shanghai to discuss the future of retail in China. The event highlighted 21 key takeaways from 19 industry experts, focusing on trends such as growing demand for high-end products in health and wellness, AI-driven retail disruption, innovative offline formats like pop-ups, and the need for personalized customer engagement. The discussions emphasized the importance of integrated strategies to address rising compliance costs, diverse consumer needs, and increasing competition in this dynamic market.

AsiaCorp Newsletter December 2024

As the holiday season arrives, we take this opportunity to reflect on a year of growth, innovation, and collaboration. We are deeply grateful for the trust and support of our clients, business partners and network. As we look ahead to 2025, we remain committed to executing successful Asian market entry and international growth transformation and M&A strategies for our clients. Wishing you joy, peace, and prosperous beginnings in 2025. Happy Holidays!

Southeast Asia: The next hub for multinational companies

Southeast Asia, with a $3.2T GDP and 656M people, is a growing hub for multinationals. Adding 140M consumers by 2030, the region boasts supply chain diversity, low-cost labor, and proximity to China. Its digital economy, spanning e-commerce and financial services, is set to hit $360B by 2025. Trade agreements like RCEP enhance its appeal, and Singapore’s robust infrastructure attracts global businesses. Despite diverse regulations and challenges, ASEAN’s economic momentum presents vast opportunities for growth and expansion.

India’s lifestyle market projected to reach USD210 billion by 2028

India’s USD130 billion lifestyle market, with fashion accounting for approximately 80 percent and the rest beauty and personal care (BPC), is expected to grow at a 10 percent to 12 percent compounded annual growth rate (CAGR) to reach USD210 billion over the next five years. India’s e-lifestyle market is poised to grow from USD16 to USD17 billion in 2023 to USD40 to USD45 billion in 2028. These are among the findings from a new study released by Bain & Company and Myntra.

Global Powers of Luxury Goods 2023

The 2023 Global Powers of Luxury Goods reported that the Top 100 luxury goods companies generated composite sales of US$347 billion in FY2022, up from US$305 billion in FY2021. This sharp increase in luxury goods sales signals a flourishing state of the luxury industry following the COVID-19 pandemic. Eleven Chinese companies made the Top 100 in 2023, including 10 jewelry and watch brands and a fashion apparel and footwear company, accounting for 10.1% of the Top 100’s luxury goods sales.

Mainland China and Hong Kong Luxury Market: Unlock infinite growth possibilities and sustainable value of luxurious lifestyle

PwC released its Mainland China and Hong Kong Luxury Market report at the fourth China International Consumer Products Expo. The report shows that the global personal luxury market is recovering steadily and is expected to reach US$464 billion by 2025; and further increase to US$606 billion in 2030, growing at an average annual rate of 6%.

China's luxury market: Current trends and future opportunities for brands

China's luxury market, driven by domestic spending, younger consumers, and sustainability, presents European brands with growth opportunities demanding tailored strategies and digital engagement. For European brands eyeing growth and expansion, this exciting shift presents them with ample opportunities.

2024 Asia Lifestyle Consumer Profile

The data sheds light on the mindset of consumers towards their future. While markets like China have maintained a consistently high level of optimism in the past 4 years, Southeast Asia has witnessed a remarkable surge, with 93% of respondents expressing positivity about the future in 2024, an increase of 17% since 2021. Japan has also marked a dramatic increase in ‘positivity about the future’ of 25% since 2021.

20 Fastest Growing Economies in Asia in 2024

With global growth proving to be more resilient than expected and inflation rates declining steadily, the IMF expects the global economy to grow at the previous year's rate of 3.1% in 2024 as well. Looking ahead, global growth is anticipated to increase modestly by 0.1% to reach 3.2% in 2025. Similar to the global growth trend of a strong economic recovery, the growth expectations for Asia have been raised. According to the January 30 report by the IMF, the region's economic growth for 2023 was revised upwards to be at 4.7%, as opposed to the October 2023 projections of 4.6%.

Market watch: Vietnam’s growing middle-class to pave the way for consumer goods and other sectors to flourish

Amidst a challenging economic landscape, the Vietnamese economy has continued its upward trajectory, displaying remarkable resilience throughout 2023. According to recent estimates, Vietnam’s nominal GDP has reached an impressive USD437 billion, reflecting a growth rate of 5.05 percent. A notable factor in Vietnam’s economic strength is the significant surge in foreign direct investment (FDI) witnessed in the country during the same period.

Growth in Asia Pacific emerging markets to remain strong in 2024: Fitch

The economic growth in Asia Pacific will remain strong in 2024 and GDP is expected to grow by about 5 per cent in India and a host of emerging market countries, Fitch Ratings said on Wednesday. In its report titled 'APAC Cross-Sector Outlook 2024', Fitch said the outlooks for the banking sectors in India and Indonesia, as well as APAC emerging markets as a whole, move to improving in 2024, partly reflecting the robust economic backdrop.

The New Silk Road: Bridging Western Brands With the New Asian Luxury Market

The global luxury market is experiencing a shift with the rise of affluent Millennials and Gen Z consumers from Asia, notably from regions like China, South Korea, and Japan. As these young consumers redefine luxury, they are creating a modern-day Silk Road, where high-end fashion, fine dining, and luxury experiences form the trade of desire. Unlike the passive consumers of yesteryears, they actively engage with Western luxury brands, primarily through digital platforms, influencing both market trends and brand strategies. This evolving narrative, reminiscent of historical East-West exchanges, is now fueled by digital advancements and a blend of cultural aesthetics.

India a bright spot in Asia-Pacific, UN report says

Average economic growth in the developing Asia-Pacific region picked up from 3.5% in 2022 to 4.8% in 2023. India has become the world’s fastest-growing major economy in 2023 and a bright spot in the Asia-Pacific amid robust household consumption and public investment in infrastructure, a UN report said. “India registered an economic growth rate of 6.8% in FY2023 supported by government spending on infrastructure and strong growth in manufacturing, mining and construction, which offset lower agricultural output,”.

China's outdoor sports boom driving business growth

The 2024 Chongqing Marathon, which is scheduled for March 24, saw 100,000 applications in a single day. Only a fraction will be selected through a lucky draw to run the 42-kilometer distance. It's the same case with many marathon events held in China nowadays. According to the Chinese Athletics Association, over 300 road running races were held nationwide in the first half of last year, with a total of 2.24 million participants.

The Top 5 Economies in The World by 2028

The global economy is currently undergoing a shift in gravity from the West to emerging markets. Our Consensus Forecasts are for this trend to continue to play out in the coming years, given strong potential for catch-up growth, mineral wealth—particularly in those minerals that are powering the green energy transition—and healthy demographics in emerging markets. That said, developed markets will continue to dominate the podium of the world’s largest economies in the coming years, despite losing relative economic clout.

China’s sportswear market projected to reach USD82.8 billion by 2024

Athleisure, a term coined to describe the combination of athletic and leisurewear, has gained significant popularity in recent years, driven by evolving consumer preferences and a global shift toward wellness. The Chinese market for yoga apparel alone is projected to reach USD3 billion by 2028, as the country’s sportswear industry grows at a compound annual growth rate (CAGR) of above 9 percent.

APAC countries emerge as strong contenders in global retail market

Five nations from the Asia-Pacific (APAC) region are among the top 15 economies that retailers should prioritise when establishing their presence, according to the 2023 Global Retail Development Index, a newly released survey by Kearney identifying the most promising retail markets around the world. These nations include India, China, Malaysia, Indonesia, and Bangladesh.

China’s Outdoor Sports Industry: Growth Potential, Trends, and Opportunities

China is ramping up efforts to promote the high-quality development of the outdoor sports industry and boost associated consumption, having released detailed action plans. New lifestyle and consumption trends also contribute to the sector’s growth potential. Businesses operating in this sector will see increasing opportunities in the years to come. The surge in popularity is creating significant business opportunities.

South Korea is the world’s 10th-biggest economy and is leading an oriental fashion revolution

South Korea has grown to one of the world's top 10 economies in just a few decades. Total spending on personal luxury goods by South Koreans year-on-year grew around 24% to $16.8 billion, amounting to $325 per capita. Revenue in the Apparel market amounts to US$38.05bn in 2023. The market is expected to grow annually by 0.36% (CAGR 2023-2027).

Is South Korea the new spearhead of (Asian) fashion?

There is a new crown jewel in the Asian fashion and luxury market – not just a local success but a phenomenon gaining momentum worldwide. We are talking about South Korea, its consumers, its culture, and, most of all, the incredible success of K-pop music and its stars, who are currently winning over the world’s leading fashion houses, from Chanel to Saint Laurent.

Outdoor in China: How the gigantic sports market will set new standards in 2024

When experts talk about the sports and outdoor market in the People's Republic of China, they are talking about spectacular success figures and a huge potential that still needs to be tapped into. Successful brands in China establish themselves through partners.

APAC economic outlook for 2024 remains bright

After rapid expansion in 2023, the Asia-Pacific (APAC) region is expected to be the fastest growing region of the world economy in 2024, underpinned by resilient domestic demand in East Asia and India. The APAC economic outlook for 2024 is for continued rapid economic expansion, helped by resilient domestic demand in a number of large Asian emerging markets, including mainland China, India, Indonesia, Malaysia and Philippines.

Athleisure Apparel Market Share Evolution and Market Growth Trends 2023–2030

The athleisure apparel market is a rapidly growing industry that has gained significant popularity in recent years. According to the report, the athleisure apparel market is expected to grow at a CAGR of 9% during the forecasted period. This indicates a positive outlook for the industry, highlighting the increasing demand for athleisure clothing and its potential for further expansion.

Outdoor Product Market Size In 2023 : Growth Opportunities and Future Outlook 2030

The Global Outdoor Product market is anticipated to rise at a considerable rate during the forecast period, between 2023 and 2031. In 2022, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon. The product types that held the largest Outdoor Product market share In 2023 were Outdoor Clothing, Outdoor Shoes and Outdoor Equipment.

China’s Outdoor Sports Industry: Growth Potential, Trends, and Opportunities

Several factors are behind the upward demand for products and services in China’s outdoor sports industry, including preferences for an active lifestyle, functional requirements of athleisure wear, and demographic-linked consumer trends. Foreign brands face growing competition from China firms but can tap into a customer base at the premium and entry-level segments. According to Zhiyan Consulting, in 2022 and 2023, the market size of outdoor sports product reached RMB 181.7 billion and RMB 209.1 billion, respectively, with an average annual growth rate of 7.3 percent.

Has Hong Kong still got it? Dior, Louis Vuitton think so

Dior is the latest fashion house slated to present its men’s pre-collection in Hong Kong. While the venue and date have yet to be confirmed, the event will take place in early 2024. Since the city’s and mainland China’s reopening at the beginning of this year through August, Hong Kong has welcomed 20.5 million tourists — 80 percent of them from the mainland, according to VOA News. These numbers have yet to return to 2018’s levels, which were nearly double this year’s, according to the same report.

Asia, Europe put global luxury market on track for record growth in 2023

In the face of significant geopolitical and macroeconomic shifts, the luxury market appears to be weathering the storm, at least for the time being. A new report by Bain & Company and Altagamma forecasts that the global luxury market is expected to achieve remarkable growth, reaching EUR 1.5 trillion (USD 1.63 billion) in 2023. Southeast Asian countries have experienced positive momentum, driven by robust intra-regional tourism and increasing interest from local consumers, particularly in Thailand. Australia has also emerged as a player for growth in the luxury sector.

Asia-Pacific region also tops for offshore services, finds global index

The year 2023 is witnessing a shift in global economic momentum, with the Asia-Pacific region emerging as a powerhouse for growth, reveals a recent report from GlobalData. Investors' attention is drawn to the Asia-Pacific region’s potential, as easing inflation and strategic economic moves set the stage for a flourishing year. GlobalData's Global Macroeconomic Outlook – Q3 2023 Update underscores the trajectories of regions in the face of shifting economic winds. The Asia-Pacific region stands as an outlier, projecting growth of 3.8% in June 2023, an upward adjustment of 0.10 percentage points from March 2023.

The great outdoors: China’s appetite for adventure sports booms

With an increasing number of Chinese people engaging in outdoor activities post-pandemic, the rapidly expanding outdoor sports sector presents a promising opportunity for international athletic brands to gain market share. The total value of China’s outdoor sports industry is expected to surpass 3 trillion RMB (approximately $410.8 billion) by 2025, with the number of people participating in outdoor sports across the country already having exceeded 400 million by the end of 2021.

India’s consumer market set to become the world’s third largest by 2027, behind the U.S. and China

India’s consumer market is set to become the world’s third largest by 2027 as the number of middle to high-income households rise, according to a report by BMI. The growth in India’s household spending per capita will outpace that of other developing Asian economies like Indonesia, the Philippines and Thailand at 7.8% year-on-year, the report said. The country’s ongoing urbanization will also help boost consumer spending as companies can more easily access consumers and open more physical retail stores to cater to them.

ASIAN LUXURY GOODS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

The APAC Luxury Goods Market size is expected to grow from USD 136.29 billion in 2023 to USD 166.30 billion by 2028, at a CAGR of 4.06% during the forecast period (2023-2028). The Asia-Pacific region is the world's largest consumer of luxury products and has grown to be a significant market for international luxury brands. In the Asia-Pacific region, China and Japan rank among the top consumers of luxury goods and have the highest average per capita incomes.

Global personal luxury goods market projected to grow by 5-12% in 2023

The global personal luxury goods market is projected to grow by 5-12 per cent—or between €360 and €380 billion—this year, up from €345 billion in 2022. The market is likely to reach €530-570 billion by 2030—more than double its size in 2020. Southeast Asia continued its brilliant growth path, while Japan is the shining star in the Asian landscape.

The millennials in India are looking towards sustainable and green brands

Indian retail market is estimated to reach $2 Tn by 2032, driven by socio-demographic and economic factors such as urbanization, income growth and rise in nuclear families. On the other hand, the Indian e-commerce industry is expected to cross $350 Bn mark by 2030, growing at a CAGR of 23%. The Indian e-commerce market was estimated to be worth over $55 Bn in Gross Merchandise Value in 2021. By 2030, it is expected to have an annual gross merchandise value of $350 Bn.

Why Athleisure's Pulse is Racing in Southeast Asia

Combining functionality with comfort has been a priority for consumers lately, boosting demand for athleisure or sports-inspired sportswear. Examples of items that have become wardrobe staples of Southeast Asian consumers since the pandemic include leggings, tracksuit bottoms, trainers, sports bras and hoodies. Sports-inspired sportswear is not only forecast to account for 57.9% of the region’s total sportswear market size, but it is also expected to remain very dynamic and see a 9.5% retail value CAGR over the forecast period (2023-2027).

Emerging Asia to spearhead global economic growth in 2023-24: Swiss Re

Emerging Asia, including China, India, Thailand, Indonesia, and Malaysia, is expected to drive global economic growth, with a 5.4 per cent increase projected for 2023-24, according to Swiss Re Institute's sigma report. This surge is largely linked to the recovery in demand following the reopening of China's economy. Notably, China is forecast to be among the handful of nations to witness stronger growth this year than in 2022, as per the report.

The Indian Sportswear Market – Where Fashion Meets Function

As the Indian economy grew and the disposable income of people rose, the market witnessed the entry of brands and, at the same time, the launch of new retail formats such as exclusive, multi-brand and large malls responding to the rising needs. In 2021, the apparel segment was worth $579.47 million, and by 2029, it is expected to reach $2238.13 million, growing at a CAGR of 16.2 percent. The segment’s demand has increased as a result of the government’s growing investment in sports, which has had a significant impact on the market’s expansion.

AsiaCorp Newsletter August 2023

We can proudly announce that AsiaCorp will represent the Hong Kong Trade Development Council (HKTDC) for the Nordic Countries. The HKTDC organises international exhibitions, conferences, and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets.

The promise of the Philippines: A retail success story

Retail in the Philippines has been showing great promise, with players encouraged by its high growth rate across various retail categories. This is particularly true in luxury goods, with the Philippines set to be the fast-growing market in Southeast Asia for this sector, a 30 percent increase from 2021 to 2022.

Disney, Authentic, Pokémon, Mattel and More Named License Global's Top Global Licensors

License Global’s Top Global Licensors report is back for 2023, showing huge growth for returning brands, the arrival of new players and forecasts for 2024 industry activity. In total, the Top Global Licensors report retail sales of licensed consumer products and experiences in 2022 of $278 billion. The top 20 of the 84 brands in the report generated a combined $230 billion, with $189 billion in the top 10 alone.

Indian luxury market in 2023 and beyond

Although, major economies in the world are witnessing recessionary trends, the Indian economy is estimated to grow by around 7% this year to become the fifth largest economy in the world. According to a recent EY report, India’s GDP will reach $26 trillion and its per capita income will touch $15000 by 2047, placing it among the top developed economies.

Bain-Altagamma report: Global luxury market to grow by up to 12 percent in 2023, Japan the ‘rising star’ in Asia

The global luxury market is projected to grow by up to 12 percent in 2023, according to a new study released by Bain & Company and Altagamma, the Italian luxury goods manufacturers’ industry association. Despite economic uncertainty, geopolitical tensions, and gradual emergence from the pandemic, the personal luxury goods market reported a record year in 2022 with a market value of EUR354 billion (USD386 billion).

Forget the single APAC strategy, brands need to get local and category specific

Brands need to abandon a ‘single Asia’ strategy and adopt localised product and category-relevant strategies if they wish to succeed in Asia Pacific. The increasing fragmentation in the region means that brands need to adopt hyper-local strategies and address their specific category or product needs to ensure future success, according to a leading regional trend forecaster.

Global brands numbers, likely to set up shop in India surges post-covid

According to property consultants, around 24 international brands are expected to enter the Indian market this year, marking the highest number in a decade. This surge is attributed to the post-Covid increase in consumption and demand. In 2020, only one global brand entered India, followed by three in 2021 and 11 in 2022. Prior to the pandemic, approximately 12-15 brands would enter the Indian market annually. Notable brands like Roberto Cavalli, Dunhill, and Foot Locker are currently in talks to establish their presence in India.

Tapping the potential of the new Asian consumer

According to a report by McKinsey, Asia presents a US$10 trillion consumption growth opportunity over the next decade. It will account for one of every two of the world’s upper-middle-income and above households, and one of every two consumer transactions in the period to 2030.

2023 ASIA LIFESTYLE CONSUMER PROFILE

Based on an Asia-wide survey covering 1,765 premium lifestyle consumers across 6 markets, we present insights into evolving sentiments and trends shaping consumption across premium and luxury segments including fashion, accessories & footwear, beauty, fragrance & make-up, active lifestyle and jewellery & watch.

Why athleisure’s pulse is racing in Southeast Asia

Superdry to sell Asia Pacific IP assets to South Korea's Cowell

Superdry is continuing its drive to rationalise its business while also expanding its brand reach and on Wednesday announced a deal for the sale of its intellectual property (IP) assets in parts of Asia Pacific for an upfront fee of US$50 million, payable in cash. And it said it’s “considering additional steps to further strengthen its balance sheet”.

Meet four types of APAC consumers driving physical retail’s comeback

With the last of Asian markets opening up borders and lifting pandemic measures, the region is set to embrace a return to normalcy. And while economies in the US and Europe fend off a recession, analysts anticipate moderate to strong growth in Asia.

China accounts for close to 30% of global manufacturing output, an incredible share.

There is no other country that can offer the same scale and production capacity. However, between 2013 and 2022 manufacturing wages in China have doubled to almost USD 8.30 per hour and foreign companies (quietly) reduce their dependence on the Chinese market; be it for strategic, political or ideological reasons

DON’T FORGET ABOUT THE EXPORT OPPORTUNITIES TO THE PHILIPPINES WITH 114 MILLION CONSUMERS

The Philippine economy will probably keep growing near +7% this year, according to President Ferdinand Marcos Jr, who struck an optimistic tone that the nation expect to produce, what could be the fastest expansion in Asia.

CHINA’s TOP APPAREL TREND FOR 2023:

Outdoor activities were huge in 2022, when Covid had a high impact especially in China - and the trend isn’t slowing down anytime soon. No matter the season, China’s outdoor enthusiasm are finding ways to be active and enjoy the nature. Activities such as camping and skiing continue to see a surge in popularity in 2023

Luxury brands will continue to focus on China as economy improves

GlobalData said it forecasts that China’s luxury retail market will grow by 6.1 percent and 6 percent in 2023 and 2024, respectively. Disruptions caused by Covid-19 and China’s stringent measures against the pandemic kept consumers away from stores in 2022, some of which had to close temporarily or operate on shorter opening hours due to staff shortages.

HIGH LEVEL UPDATE ON 7 KEY ASIAN RETAIL MARKETS IN 2022 - AND WHAT'S AHEAD IN 2023

Looking back at rather shaky 2022 in retail, this article is rounding up the overall performance of seven key Asian retail markets, including Malaysia, Hong Kong, South Korea, Mainland China, Singapore, Japan and Thailand, as well as overall outlooks in the year ahead.

LOUNGEWEAR IS THE NEW WORKWEAR TREND IN CHINA - BUSINESS OPPORTUNITY

Over the past two years of living between “snap lockdowns” and the new normal. Chinese consumers have learned to prepare for unexpected quarantines that might take place anywhere, anytime. Meanwhile, the spheres of home and workspaces have begun overlapping, shifting loungewear from “indoor” to outdoor use.

China’s New Outdoor Sports Initiatives Create Growth Opportunities For Brands

With the exception of winter sports, which skyrocketed in popularity during the 2022 Beijing Winter Olympics, China’s outdoor lifestyle trend has been mostly fueled by demand from younger Chinese consumers.

Newsletter from AsiaCorp: Preparing for the upcoming holidays

Below please find our Q42022 Newsletter. We look forward to 2023 and wish you and your family happy holidays and a fantastic New Year.

Another year has (almost) gone, and we at AsiaCorp want to say thank you to all our clients and business partners for great cooperation.

Happy New Year

And just a gentle reminder: Don't forget about looking at the Asian markets, which counts for 60% of the world's consumers...! In 2022, there are 8 billion people in the world today. But what if we reduce the Earth to a village of 100 people? 58 out of 100 are Asian, 19 are African, 12 are North and South American, 10 are European, The other 1 is from Oceania.

China to make up 40% of luxury consumers by 2030

Even as economic conditions worsen, the global luxury market marches on. A recent study released by Bain & Co. and Altagamma projects that the industry will reach $1.4 trillion in sales revenue this year, growing 21 percent from 2021. Despite high inflation and rising costs of living, as well as ongoing COVID-19 restrictions, some 95 percent of luxury brands reported positive growth in 2022

Newsletter from AsiaCorp: A rising popularity in outdoor sports are creating a new market in China

The rise in outdoor sports is creating a new market for brands in China. The support from the Chinese public soctor ensures investments in new facilities and infrastructure, while the trend encourages the public need for new equipment.

The Vietnamese GDP grew by 8.02% in 2022, which fastest expansion in 25 years!

Don't forget to strongly consider Vietnam, when looking to expand your apparel/leisure/fashion brand into Asia. GDP growth in the fourth quarter was 5.92%, slowing from an expansion of 13.71% in the third quarter.

Consumer trends in APAC for the rest of 2022

Asia Pacific (APAC) markets have been looking beyond the pandemic to focus on post-Covid-19 growth. Although geographically distant, the APAC region is not immune to soaring commodity prices and supply chain disruptions driven mostly by the war in Ukraine. Rising inflation and rising prices have also impacted consumer behaviour in Asia.

What Chinese individualism means for luxury brands

The rise of individualism in the mainland is a movement that may not be entirely consistent with western narratives but is redefining the expression of self-image. It is a game changer that could potentially transform the future of the luxury industry in China.

Starbucks opens its 6,000th store in China

Starbucks can celebrate its 6,000th store in Mainland China with a new store at Shanghai Lippo Plaze. This also marks the 1,000th Starbucks store in the city. Starbucks expects to operate 9,000 stores across 300 cities in China by 2025.

Singapore overtakes Hong Kong in world financial centers ranking

Singapore has overtaken Hong Kong and become the top financial center in Asia. Not only is it the top financial center in Asia, it’s also the third in the world only surpassed by New York and London.

Third-party marketplace sales to account for 59% of all global ecommerce by 2027

By 2027, the four largest global marketplace leaders – Alibaba Group, Amazon, Pinduoduo and JD.COM – will account for $4.3trn in global retail sales, almost...

Singapore retail sales continue to recover

Singapore retail sales continued their rebound – and is ready for growing your lifestyle brand again! The fastest-growing category was apparel and footwear which surged 68% and sales of watches and jewellery increased by between 42% and 53%.

Malaysian retail sales set new record

Malaysia’s retail sales saw recorded growth in the second quarter of this year, surging 62.5 per cent year on year, according to Retail Group Malaysia (RGM).

Dunhill opens two new stores in South Korea

The new stores are situated within Lotte department stores in the Seoul district of Jamsil and Southern city of Busan, continuing the brand’s expansion strategy in Asia and paving the way for a third store opening in spring next year.

How China is fueling the growth of beauty brands and boosting luxury players

China has quickly gained on the United States in beauty sales, and is set to overtake it by 2023.

Harvey Nichols flagship reopens at Pacific Place

The Harvey Nichols flagship at Pacific Place has reopened after a three-month refurbishment, adopting a new store model which takes up just half the space of the original store.

Lazada launches RedMart on its mobile app

With RedMart has officially completed its move to the Lazada platform on 15 March, and customers can now enjoy a one-stop solution for all their shopping needs.

L’Occitane profit soars after restructure

Hong Kong-listed beauty-products retailer L’Occitane is reaping the benefits of a restructure with profit up 21.8 percent last financial year to €117.6 million.

Lego opens first Australia flagship store in Sydney

Located at Sydney’s Westfield Bondi Junction shopping mall, the two-story Lego store will serve as the company’s first standalone store in the Australian retail landscape, according to local media reports.

Millionaires are showing off their money in a new way

The definition of luxury is evolving, and the change applies to not only what people are spending money on, but how they’re doing it.

L’Oréal Paris chooses Thailand for its biggest flagship store worldwide

L’Oréal Paris revamps its store at the Bangkok King Power Downtown II Srivaree, making it its first flagship store in Travel Retail Worldwide.

Chloé opens flagship store in Seoul

Chloé unveiled a new 386-square-meter, two-story boutique in the lively luxury shopping district of Cheongdam in Seoul. The eye-catching façade, consists of beige marble stones and the maison’s logo in brass is luminous by day and lit-up at night.

Nike sees strong growth in Asia

Sportswear retailer Nike has grown net income to US$1.1 billion over its third quarter, with the group’s consumer-direct approach delivering growth across all four of its geographic regions.

Top 6 business challenges to consider before entering Asian markets

Between the Asian and Western (US and Europe) markets, the latter was once considered the more lucrative option of the two whereas the former was dubbed as slow-paced and laggard. But this concept has changed dramatically over the past decade.

LVMH achieves record result, with profit up 21 per cent

The world’s largest luxury retailer LVMH shrugged off broader market pessimism overnight reporting record revenue of €46.8 billion last year, up 10 per cent over 2017. Excluding the closure of the unprofitable Hong Kong airport duty-free business in December 2017, the group’s organic growth was 12 per cent. Every business division delivered what the company described as “excellent performances”.

L’Oréal Generates 120M Social Media Interactions with Haitang Bay Pop-up Launch

L’Oréal Paris has generated over 120 million interactions on Chinese social media since launching a striking pop-up at China Duty-Free Group’s (CDFG) Haitang Bay Sanya International Duty-Free Shopping Complex.

Central Retail plans to double online sales

Central Retail Corporation has announced plans to to double its online sales to THB10 billion (US$315.76 million) this year. Central’s CEO Nicolo Galante said the firm intends to lead in the omni-channel e-commerce business, overtaking Shopee.

Vietnam retail sales soar

Vietnam retail sales grew at 13 per cent last year, with food and beverage, apparel and household appliances leading the way, according to Savills Vietnam. The country’s Ministry of Industry and Trade has estimated total revenue generated from retail sales and consumer services reached US$191 billion last year.

Korean department store sales lift on strong e-commerce

South Korea department store retail sales recorded an increase in September 2017 on the back of strong online sales, a government report showed. The Asian nation’s major retailers registered an increase of 8.4 percent in September from a year earlier, according to the Ministry of Trade, Industry and Energy.

Prada’s sales surge on rapid greater China growth

Asia has once again energised luxury fashion label Prada’s sales in the first half year. The company has reported net revenue up 9.4 per cent in the six months to June 30 (although a lesser 3.3 per cent at current exchange rates). However Prada Asia-Pacific sales surged 13.8 per cent at constant exchange rates, or 6.6 per cent at current rates, most of that growth coming from company-owned stores.

Singles’ Day trumps Black Friday and Cyber Monday combined

Alibaba, the Chinese e-commerce giant, said on 11 November 2017 its Singles’ Day sales extravaganza hit $25.4 billion, smashing its own record from last year and cementing it as the world’s biggest shopping event. Once a celebration for China’s lonely hearts, Singles’ Day has become an annual 24-hour buying frenzy that exceeds the combined sales for Black Friday and Cyber Monday in the United States, and acts as a barometer for China’s consumers.

Why Brands Shouldn’t Treat the Hong Kong and Mainland Markets the Same

Brands often talk about marketing in Greater China. However, considering the strong cultural differences in the different markets that constitute Greater China, which includes China, Hong Kong, Macau, and Taiwan, firms can run into issues of being politically or culturally deaf. These kinds of missteps can lead to long-term damage to a brand and its marketing efforts.

Singapore m-commerce set for 33 per cent growth

Singapore m-commerce is set for 33 per cent growth in the next five years, according to a new report. Despite its modest population numbers, the city/state is the region’s third-largest e-commerce market with 73 per cent of internet users already shopping online. But this growth is set to slow with a modest 9 per cent expansion to reach US$6.5 billion by 2021 predicts Worldpay, which analysed e-commerce spending patterns across 36 markets on five continents.

THE RISE OF LUXURY JEWELRY WITH CHINESE MILLENNIAS

From changing cultural mindsets and innovative designs to forward-thinking digital promotional strategies and price adjustments, the scene has been set for luxury jewelry brands to thrive in the Chinese market – especially with female millennials.

Chinese retail sales rise more than 10 per cent

Total Chinese retail sales last month reached RMB2.961 trillion (US$443.7 billion), a year-on-year rise of 10.4 per cent, reports the National Bureau of Statistics.

Double-digit growth in daily retail sales in China over National Day ‘Golden Week’

China’s daily retail sales during the country’s “Golden Week” holiday that ended on Sunday rose at a double-digit pace, on a par with growth during the same break last year, data from the commerce ministry showed.

CHINA’S WEALTHY ARE SPENDING A QUARTER OF THEIR BUDGET ON HEALTH AND ATHLEISURE

As average Chinese families get wealthier, they seek more from their luxury consumption than the mere ability to show off. As the face of luxury and fashion continues to change, luxury brands need to remain attuned to these fluctuations in order to stand apart from their numerous competitors in China.

CHINA’S ‘WANNEBE CONSUMERS’ WILL GROW THE FASTEST BY 2020, SAYS BAIN REPORT

The start of this year marked a major shift in China’s luxury market. Chinese consumers are now spending more on high-end products domestically and their attitudes are also evolving, fueled by digitization, over-exposure to luxury, a changing economy, and changing demographics.

Alibaba Unveils Exclusive Luxury Pavilion Courting Super-Wealthy Chinese Shoppers

Chinese e-commerce giant Alibaba Group today launched the Luxury Pavilion, a brand new section within its business-to-consumer site Tmall for premium and luxury brands. The initiative is part of a broader bid, according to Alibaba’s news site Alizia, to push forward its New Retail initiative in the luxury arena to reach out to the country’s super wealthy online shoppers.

Korean online shopping growth surge as retail sales stumble

Online shopping is experiencing a growth surge, accounting for close to 20 percent of all retail sales in the first quarter of this year.

PARTNERING WITH CHINA’S RETAILERS: A GUIDE FOR CONSUMER-GOODS COMPANIES

The Chinese consumer sector looks vastly different today compared with just five years ago. The retail environment both offline and online has shifted, consumers have become savvier omnichannel shoppers, and local consumer-packaged-goods (CPG) manufacturers are giving global players a run for their money

3000 stores to open in India, world’s most promising retail market

The recent implementation of the GST along with the rise of e-commerce has caused over 50 brands to announce that they will launch in India in the next six months.

CHINA WILL REPRESENT ABOUT 60 PERCENT OF ALL GLOBAL E-COMMERCE TRANSACTIONS BY 2020.

Today, an increasing number of foreign brands in China are beginning to recognise the power of China’s millennials in determining the future of their businesses, and major luxury players, such as Burberry, Cartier, and Gucci, among others, have all recently made bold efforts to attract this demographic. Chinese millennials matter to luxury brands because of their large population and massive purchasing power.

VIETNAM’S RETAIL SALES LEAP TO US$118 BILLION

The General Statistics Office has estimated Vietnam’s 2016 retail revenue at US$118 billion, a 10.2% rise over the previous year.This revenue growth rate was relatively high compared to other markets in the region. Notably, food and foodstuff sales increased by 13%, followed by household appliances with 11.4% and textiles and garments with 10.6%.

E-COMMERCE IN JAPAN: 20% OF RETAIL BY 2022

While the U.S. and China are already known as global e-commerce markets, it’s Japan that boasts the largest e-commerce potential, especially over the next three to five years, say two separate consultant groups. In 2015, Japan generated roughly $80 billion in e-commerce sales. This compares to some $350 billion of e-commerce sales in the U.S. and China’s whopping e-commerce sales result, which exceeded $650 billion in 2015.

BE FLEXIBLE, BUILD TRUST FOR SUCCESSFUL ASIAN MARKET EXPANSION

NEW YORK – When entering a new market, the biggest mistake brands can make is failing to alter their marketing strategy for any cultural differences, according to an executive from Export Now.

INDONESIA LEADING CHARGE, SAYS ASIA LUXURY INDEX

Indonesians have become Asia’s foremost online buyers of luxury goods, according to th latest Asia Luxury Index.Amid difficult economic conditions, online sales of luxury goods in Indonesia have grown by 84 per cent, according to the index, which draws mainly on the sales data of Reebonz, a Singapore-based eCommerce platform for luxury products.

THE RETAIL WINNERS AND LOSERS OF 2016

Some retailers spent the year readying for the industry’s future, while others grappled with the ghosts of its past. Here are the companies, technologies and trends that soared or sank in 2016.

ASIAN GROCERY BOOM PREDICTED BY IGD

Asia will continue to be the biggest engine of growth in the grocery market with its sales set to exceed those of Europe and North America combined within five years, according to new forecasts from research organisation IGD.

SOUTH EAST ASIA: THE NEXT WAVE OF LUXURY?

Southeast Asia represents the next big hotspot for premiumisation in Asia. As the region accelerates through this cycle of spreading consumer prosperity, it is predicted that the number of middle-income consumers will increase from 190 million in 2012 to 410 million in 2020.

THE EVOLUTION OF E-COMMERCE BUSINESS MODELS IN SOUTHEAST ASIA

Being the new kid on the block means that e-commerce ventures in Southeast Asia have the luxury to learn from others’ mistakes, from mature e-commerce markets such as the US and China.

CHANGING RETAIL TRENDS: WHERE WILL INDIA BE IN 2030?

The rising number of online shoppers, developing infrastructure and affordable technology will prove to be a boon for this industry, says a report by Goldman Sachs. The report also mentions tremendous growth amounting to about 2.5 per cent of the nation’s GDP that would be almost 15 times growth for this buzzing online industry.

ASIA’S TOP 5 ECONOMIES IN 2030

Remember when Japan was set to become the world’s top economy? The risks of such forecasts have been highlighted by this and other fearless predictions, including more recently that China would continue its double-digit growth rate forever and that India would quickly become the “new China.”

INDONESIA IS ASEAN ECOMMERCE SLEEPING GIANT

Indonesia is the most-promising ASEAN eCommerce market, according to Hong Kong-based consultant Paul McKenzie. He told a seminar in Bangkok, organised by brokerage and investment group CLSA, that Indonesia has the greatest potential because of its developing infrastructure and private equity advantage. Thailand is a little behind, he said, with the eCommerce landscape growing but not to the same scale as Indonesia.

BRANDS THAT CAN ONLY BE PURCHASED ONLINE WILL SEE STRONG GROWTH IN FUTURE

‘Digital-first’ brands, or brands that can only be purchased online, can expect to see strong growth across categories like budget fashion, furniture and groceries with the increasing adoption of e-commerce, a study said.

WORLDWIDE E-COMMERCE MARKETS

China is the biggest eCommerce market in the world with $562.66B in sales projected for 2015. Factors like population contribute to their top slot. Case in point, China has more than 600 million internet users. And this is important if you are an eCommerce shop owner. Shopping is the fastest growing online activity in China. Exciting news when considering different types of marketing campaigns targeted at your Chinese customers.

CHINESE LUXURY SHOPPERS INCREASINGLY TURNING ONLINE: KPMG

For Chinese, online shops are quickly evolving from simply a means to get a bargain to somewhere movers and shakers can splash out on pricey clothes and accessories. According to a study published by auditor KPMG earlier this week, Chinese buyers of luxury items are increasingly favoring online retailers over brick-and-mortar stores, which will account for half of Chinese luxury spending by 2020.

ASIA LUXURY RETAIL REVIVAL AHEAD

While Asia Pacific may be experiencing a slowdown in luxury retailing right now, three key trends will fuel a renaissance in coming years.

HERE’S WHY SINGAPORE IS A SHINING BEACON IN LUXURY ASIA

Singapore is the key regional hub for Luxury in ASEAN, and a top hub in Asia-Pacific, with a market size in 2013 of €2.5 billion (ca. S$4.3 billion) compared to the ASEAN market size of €5.5 billion, and the Greater China market size of €27.4 billion which includes China, Hong Kong, Taiwan and Macau. – And Singapore incidentally ranks 5th in the 5 largest destination countries by value of tax free shopping value after France, Italy, UK, and Germany.

AUSTRALIAN LUXURY RETAIL GROWING BY 9.8PC

Luxury retailing in Australia is projected to be a $2.4 billion industry by 2019-20, according to a new report by IBISWorld. IBISWorld’s “Luxury Retailing in Australia” report says the country’s relatively stable economy has given its residents more disposable income, leading to more luxury purchases. Due to Australia’s favorable market for luxury goods, many brands have aggressively expanded their operations in the region.