Jewelry Industry Analysis
China’s Jewelry Industry Analysis
Wei Jia
China is the world 's important jewelry producer and consumer. Due to historical reasons, China 's jewelry industry developed a little later, and started in the early 1980 s. In recent years, because of rapid development of national economy and the improvement of residents ' disposable income, China 's jewelry industry presents a high-speed development. According to the statistics, China 's jewelry industry growth in annual sales amount for years and in 2009 reached $36650 million, and record sales in 2010, to $43450 million, went up 18.6% from a year earlier. According to the Chinese Jewelry Management Center, it estimates that by 2020 China will become the world 's largest jewelry consumer market.
Table 1.Table 2
International experience shows that when a country 's per capita GDP reached $3000, residents of consumer spending will turn from necessity, subsistence which is given priority to with food and clothing, to an enjoying type. In 2008, China’s per capita GDP reached 23708 yuan, more than $3000, marked it has formally entered the consumption structure adjustment period.
In recent years, China 's luxury market has gradually stepped into rapid rise stage. According to McKinsey 's survey, 2010 household income of more than 300000 groups of luxury consumption totaled 56.8 billion yuan, accounting for 71% of the total amount of the luxury market. And rich families of China, the number of family income in 30 to 1 million yuan are growing at an annual rate of 15.6%, is expected in 2015, China will have 5.5 million households reached this level of income; (the most wealthy families earning more than $1 million) are growing even faster, growing about 22.4% a year, in 2015 there are 1.1 million households will achieve this level of income. With the rapid increase of affluent, McKinsey expects China 's luxury market scale will increase from $14 billion in 2010 to 2010 of $30 billion, 5 annual compound growth rate of 17.6%,
Wei Jia
China is the world 's important jewelry producer and consumer. Due to historical reasons, China 's jewelry industry developed a little later, and started in the early 1980 s. In recent years, because of rapid development of national economy and the improvement of residents ' disposable income, China 's jewelry industry presents a high-speed development. According to the statistics, China 's jewelry industry growth in annual sales amount for years and in 2009 reached $36650 million, and record sales in 2010, to $43450 million, went up 18.6% from a year earlier. According to the Chinese Jewelry Management Center, it estimates that by 2020 China will become the world 's largest jewelry consumer market.
Table 1.Table 2
International experience shows that when a country 's per capita GDP reached $3000, residents of consumer spending will turn from necessity, subsistence which is given priority to with food and clothing, to an enjoying type. In 2008, China’s per capita GDP reached 23708 yuan, more than $3000, marked it has formally entered the consumption structure adjustment period.
In recent years, China 's luxury market has gradually stepped into rapid rise stage. According to McKinsey 's survey, 2010 household income of more than 300000 groups of luxury consumption totaled 56.8 billion yuan, accounting for 71% of the total amount of the luxury market. And rich families of China, the number of family income in 30 to 1 million yuan are growing at an annual rate of 15.6%, is expected in 2015, China will have 5.5 million households reached this level of income; (the most wealthy families earning more than $1 million) are growing even faster, growing about 22.4% a year, in 2015 there are 1.1 million households will achieve this level of income. With the rapid increase of affluent, McKinsey expects China 's luxury market scale will increase from $14 billion in 2010 to 2010 of $30 billion, 5 annual compound growth rate of 17.6%,
References: 1. http://hy.stock.cnfol.com/yuancailiao/20140715/18399067.shtml 2. http://www.askci.com/reports/2010-01/huangjinshipinbaogao0113.html 3. http://clients1.ibisworld.com/reports/cn/industry/default.aspx?entid=701 4. http://clients1.ibisworld.com/reports/cn/industry/ataglance.aspx?entid=701 5. http://clients1.ibisworld.com/reports/cn/industry/currentperformance.aspx?entid=701