China captures luxury brands despite headwinds: report

The luxury retail market will likely grow 6.1% and 6% in 2023 and 2024, respectively.

Luxury brands are expected to sustain its focus on China despite the country’s stringent COVID-19 measures, GlobalData reported.

In a report, GlobalData projected that China’s luxury retail market will grow by 6.1% and 6% in 2023 and 2024, respectively.

“Despite China’s discouraging market environment in 2022, luxury brands will continue to consider it an important market. Following the Chinese government’s adjustment to its COVID-19 policy towards the end of 2022, the Chinese economy is expected to remain resilient in 2023, which could act as a strong factor in driving luxury brands’ confidence in the market,” Raviteja Neralla, Retail Analyst at GlobalData, said.

Moreover, sales of luxury jewelry, watches, and accessories are forecast to rise by 6.7% and 6.8% over the same period.

“In contrast, Western economies are likely to register significant slowdowns, sparking recession fears. For instance, the UK’s real GDP is expected to decline by 0.9% in 2023. The US real GDP is expected to grow by a modest rate of 0.3% in 2023,” Neralla also said, citing the prolonged conflict between Russia and Ukraine.

Follow the link for more news on

GlobalData

China Luxury Market

Also Read

Tapestry and Capri Holdings end merger agreement amidst legal uncertainty

Fashion industry faces uncertainty in 2025

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit