, China
Source: valeria Boltneva (Pexels)

China’s luxury market sees more ‘Very Important Clients’ despite 2022 contraction

VIC sales were higher than the 40% global average, Bain & Company reported. 

China’s luxury market recorded higher sales from Very Important Clients (VICs) in 2022 despite the contraction.

In a report, Bain & Company noted that VIC sales in China are higher than the global average of 40%. 

Read more: China’s luxury market contracts by 10% in 2022

It also found that VICs who bought more than three times a year accounted for more than 50% of sales. 

This comes even as China’s luxury market contracted by 10% in 2022, the first time in five years. 

Bain & company explained this is because the decline was recorded amongst entry-level luxury consumers affected by the economic downturn.

 

Follow the link for more news on

Join Retail Asia community
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!

Exclusives

Meta is investing big in business messaging
Companies can boost sales by reaching more customers on Messenger, Instagram and WhatsApp.
MINISO opens biggest global store in Jakarta
The Chinese retailer aims to hit 1,000 stores in the next five years from about 300 now.
PUMA targets tech-savvy youngsters on TikTok
The world’s third-biggest activewear maker uses local influencers to connect with its market.