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China Luxury Market study 2010 Bain POV November 2010 This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Agenda
• China luxury market overview • Key trends of China luxury market • Implications for luxury brands in China
China Luxury Market study 2010 2 This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Asia over-performing, US spend jumping ahead of real recovery, and Japan still sluggish YoY ‘09 vs ‘08 @K
Worldwide Luxury Goods Market by Area
Rest of World Asia-Pacific
€153B 5%
YoY ‘10E vs ‘09 @K
-8%
-11%
+10%
+6%
-2%
-4%
+8%
+5%
17%
+10%
+9%
+22%
+19%
11%
-12%
-18%
-1%
-8%
30%
-14%
-18%
+12%
+7%
-9%
-9%
+6%
+4%
€168B 5%
15%
Japan
12%
Americas
30%
Europe
38%
37%
2009
2010E
@K = at constant exchange rates China Luxury Market study 2010 3
This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent
Total luxury spend by mainland Chinese reached ~RMB156B in 2009; but >50% spent overseas Key highlights • Domestic purchase as % of total luxury spend continued to increase, though still