The Chinese luxury market has evolved rapidly, but one thing that characterizes 2010 is the sheer number of global brands opening stores or ramping up their China presence thanks to the rising disposable incomes of the Chinese and their desire for designer brands.
Bain & Company estimated the Chinese luxury market at around RMB 84.3 billion for 2010, up from RMB 68.4 billion. New customers account for RMB 10.7 billion of the projected increase. The Chinese market is supply driven and new store openings create new demand.
For the 15 brands surveyed by Bain through August 2010, a combined 80 new stores were opened in 2010. Retail presence of the 15 brands as of August 2010:
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