{"id":639,"date":"2024-02-23T10:00:30","date_gmt":"2024-02-23T02:00:30","guid":{"rendered":"https:\/\/www.ftpol.com\/en\/?p=639"},"modified":"2024-02-23T10:00:30","modified_gmt":"2024-02-23T02:00:30","slug":"haikou-the-fastest-growing-city-of-luxury","status":"publish","type":"post","link":"https:\/\/www.ftpol.com\/en\/haikou-the-fastest-growing-city-of-luxury.html","title":{"rendered":"Haikou, the fastest growing city of luxury"},"content":{"rendered":"<p>Chinese people spent 1.04 trillion yuan ($145.65 billion) on luxury goods in 2023, accounting for 38 percent of global luxury goods market, according to ThePaper, citing China Luxury Report released by Yaok Institute.<\/p>\n<p>China&#8217;s luxury goods industry is becoming a core force driving consumption growth in the country, said Zhou Ting, head of the Yaok Institute, who is also the chief researcher of the report.<\/p>\n<p>China&#8217;s luxury goods market witnessed 11 percent growth in 2023, reaching 607.7 billion yuan, accounting for about 22 percent of the global luxury goods market.<\/p>\n<p>The proportion of domestic luxury goods consumption by Chinese people increased by 1 percent to 58 percent in 2023, while the proportion of overseas luxury goods consumption by Chinese people reached 42 percent.<\/p>\n<p>The online transaction volume of luxury goods will exceed 60 percent in the next 3-5 years, according to a projection by Yaok Institute.<\/p>\n<p>Shanghai, Beijing, and Sanya in Hainan province continued to lead the list of China&#8217;s core cities for luxury consumption in 2023.<\/p>\n<p>Haikou, capital of southern China&#8217;s Hainan province, became the fastest growing city of luxury consumption in China in 2023, with a growth rate of 89 percent to 8.9 billion yuan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chinese people spent 1.04<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/posts\/639"}],"collection":[{"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/comments?post=639"}],"version-history":[{"count":1,"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/posts\/639\/revisions"}],"predecessor-version":[{"id":640,"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/posts\/639\/revisions\/640"}],"wp:attachment":[{"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/media?parent=639"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/categories?post=639"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ftpol.com\/en\/wp-json\/wp\/v2\/tags?post=639"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}