China's Luxury Mega Malls Top 10 | Billion Dollar Shopping Malls In China | 中国十大购物中心 | 中国豪华购物中心
Shopping malls in China have come to signify a burgeoning culture of ultra-consumerism, and newer luxury malls like SKP in Beijing or Plaza 66 in Shanghai showcase the quintessence of prestige. As such, many luxury brands have benefited from malls like these that provide an enchanting luxury retail destination. But is the mall retail model becoming stale now that luxury shoppers are switching to alternative channels where they can experience — and ultimately purchase — luxury brands? Here, we’ve outlined four trends shaping the future of shopping malls in China. This video will answer all your questions.
Global revival in the personal luxury goods market has been powered by the dynamism of consumption in China and the US
Shopping online is serving as key channels for the luxury sector's recovery worldwide in the pandemic era.
But in China, luxury brands continue to strengthen their control over retail distribution channels by working together with leading shopping malls in first and second-tier cities as consumers prefer to shop nearby.
At the end of last year, Christina Wang, an executive at an online travel platform, decided to reward herself with a luxury bag and a wool and cashmere coat.
She bought the first one at SKP department store in Beijing, a leading high-end luxury shopping center, and the latter at the Hainan duty-free store.
China's share of the global market has almost doubled in two years to 21 percent last year, according to the consultancy firm Bain & Co. In 2021, the majority of offline retailers suffered from a decline of customer traffic due to the impact of COVID-19.
Luxury consumers in China also prefer a good bargain. The business performance of outlets has seen a rosier picture this year thanks to discount prices offered on international luxury brands.
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