China Luxury Market
China’s luxury market up 12% YoY in 2023
However, it has not yet fully recovered to 2021 levels.
Gen Zs are becoming China’s biggest spenders
21% of these consumers are ready to spend 16% of their income on luxury.
Luxury sales in China to rebound to 2021 levels this year
This comes after the luxury market contracted in 2022.
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 contracts by 10% in 2022
This is the first time the market shrunk in the last five years.
What could make shoppers switch to another luxury brand
Chinese consumers give emphasis on whether the brand is aligned with their identity.
China captures luxury brands despite headwinds: report
The luxury retail market will likely grow 6.1% and 6% in 2023 and 2024, respectively.
Is Gen Z becoming the bigger spender in China?
They are rapidly becoming the largest consumer base for luxury brands, KPMG said.
Luxury market’s last quarter growth hinges on China’s reopening
It will also be boosted by consumer confidence in Europe and America.
LVMH posts 23% profit growth amidst CN business disruptions
Lower revenues were seen in Asia due to lockdowns in China.
China’s luxury market suffers from spending crunch amidst strict COVID measures
Despite this, consumer appetite remains strong.
Mytheresa picks Steven Xu as president in China and APAC
He previously served as an executive for Ralph Lauren.
Chow Tai Fook Jewellery shines as profit grows 11% in 2022
Profit rose to HK$6.71b during the year ended March 2022.
China dampens Pandora’s 2021 performance: report
And yet, the market remains high up Pandora's priorities.
Cettire enters China’s online luxury market
Cettire will be available to Chinese consumers in the second half of the year.
Trends that will shape China’s luxury market
China is becoming the world’s largest luxury good market by 2025.
China on track to become world’s largest luxury market by 2025
This is even as its luxury goods demand is seen to have moderate growth.
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EY’s Olivier Gergele highlights how retailers can navigate and thrive in today’s complex landscape and evolving consumer preferences
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By implementing a sound omnichannel strategy, prioritising the consumer experience and adapting to changing trends, retailers can differentiate their value proposition.
By implementing a sound omnichannel strategy, prioritising the consumer experience and adapting to changing trends, retailers can differentiate their value proposition.
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