Book review: Book explores issues serving luxury market

As China's economy surges ahead, the growing urban-affluent segment of the economy is luring luxury goods providers worldwide.

China is currently the world's third-largest consumer of luxury goods, next to Japan and the United States, accounting for 12 percent of luxury consumer goods sales worldwide - up from a mere 1 percent just five years ago.

The Chinese luxury market at present generates more than $2 billion in sales per year and is expected to grow 10 percent annually until 2015, when sales are expected to exceed $11.5 billion.

By 2010, the country is expected to have 250 million consumers who can afford luxury products.

Fast-rising fueled disposable incomes have and will continue to fuel this increasing appetite for riches - with the world's top brands jumping in to make the most of the opportunity.

Luxury China: Market Opportunities and Potential hones in on the prospects for luxury brands in China.

The book provides insights on this luxury market and offers advice on how to best exploit its tremendous potential.

This comprehensive and practical guide addresses key issues such as the size of the Chinese luxury market, and Chinese luxury consumer behavior patterns and their preferences.

The book explores critical on-the-ground issues such as market entrance strategies, elective retailing, successful communications and advertising strategies, and the pertinent topic of effective campaigns against counterfeits in China.

Illustrated with concrete business cases in different product categories such as high fashion, leather goods, watches, spirits and wines, Luxury China analyzes the current market and its possible future.

Luxury China will be a useful reference tool for practitioners and students interested in luxury brand management and markets.

(China Daily 12/05/2009 page8)