Italian luxury brands foundation eyes on Chinese market
ROME, April 6 (Xinhua) -- Altagamma, an Italian foundation of luxury brands, predicts China to become the largest luxury market by 2030 and hopes to enhance its presence by attending an upcoming consumer expo in China, said Stefani Lazzaroni, general manager of the foundation.
In an interview with Xinhua recently, Lazzaroni said the consumer expo "is a great opportunity to strengthen our links and enhance our presence in China which is relevant in this area."
The third China International Consumer Products Expo will be held from April 10 to 15 in Haikou, the capital of the southern tropical province of Hainan. Lazzaroni expects to strengthen the relationship with key Chinese stakeholders and stage the cultures of the brands during the expo.
Altagamma Foundation is composed of Italian high-end producers in various fields including design, fashion, food, and automobiles. The foundation commissions global research studies on behalf of its members with the goal of promoting and protecting their image.
According to data from Altagamma, 33 percent of luxury products by the quantity of its member brands were purchased by Chinese citizens who traveled abroad in 2019. During the COVID-19 pandemic, while the global luxury market has shrunk, mainland China's share has almost doubled, as Chinese consumers increasingly buy domestically.
"The growth that we saw in China is a unique opportunity that we don't see so far in other countries," Lazzaroni said.
According to a report by PricewaterhouseCoopers (PwC), China's luxury market will reach 816 billion yuan (about 119 billion U.S. dollars) in 2025, accounting for about a quarter of the global luxury market share.
According to Altagamma, China's luxury consumer base is growing and by 2030, the Chinese luxury market will be the largest globally, outgrowing that of Europe and the United States.
This year, the exhibition area of the consumer expo will reach 120,000 square meters, including an 80,000-square-meter international exhibition section. According to China's Ministry of Commerce, over 3,100 brands from 65 countries and regions will attend the expo. Italy is the guest country of honor and will be represented by 147 brands.
Lazzaroni said that Altagamma has decided to participate with its 75 member brands, including automobile manufacturers Maserati, Lamborghini, and coffee giant Illy.
"Culture and heritage are very important for both Italy and China. So, we really believe that taking advantage of this exhibition to strengthen our ties is a must," said Lazzaroni.