The first LV chocolate store in China, located in Pudong New Area, Shanghai, attracts many customers who are lining up to enter and make purchases on July 23, 2024. Photo: VCG

High-end luxury brand Louis Vuitton (LV) opened its first chocolate boutique in Shanghai on Monday, a positive sign for the international luxury brand to capture more of the consumer market in the world's second-largest economy.

The outlet, Le Chocolat Louis Vuitton, is the third such store in the world after Paris and Singapore.

The Global Times found the chocolates are priced between 240 yuan ($34) for a bar of chocolate up to 3,200 yuan for Red Vivienne. Eager customers said they had to line up for about an hour to make their purchases on Monday.

"The spherical chocolate I tried was delicious and beautifully packaged, meeting my quality expectations," Peggy Wu, a customer in Shanghai told the Global Times on Tuesday. "I think for a high-end brand, compared to other chocolate brands I've bought, it's reasonably priced," Wu added.

LV's expansion shows confidence in China's luxury market and hints at more LV chocolate boutiques after the positive response, Bai Ming, a research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Tuesday.

"The first-day sales reflect consumer interest, but this may be influenced by its novelty and the 'first-store effects,'" Bai said.

"The store was filled with consumers from China, and they seemed like they were really excited," Zhong Ting, a Chinese customer at LV's chocolate boutique in Singapore told the Global Times on Tuesday.

Zhong said that the chocolates are beautifully packaged, ideal for gifts, and meet high standards for quality and appearance, making them an excellent choice compared with the same price level among youth.

This year, high-end international brands have repeatedly increased their investments in China, showing growing confidence in China's market and consumption power.

Bain & Company, a US-based international management consulting company said in a report that China is expected to become one of the world's leading luxury markets by 2030.

The report showed that Chinese mainland consumers are expected to account for 35-40 percent of global luxury goods consumption by 2030, from about 22-24 percent in 2023. The Chinese mainland's market share is expected to rise to 24-26 percent by 2030 from about 16 percent in 2023.