Luxury
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The luxury market doubled in China despite global numbers shrinking by about 20% in 2020. China is on track to become the biggest spenders of luxury goods, putting the country on track to claim the biggest share of the global luxury market by 2025—even after the world economy returns to pre-pandemic levels.
The luxury market is becoming more familiar with the flexibility of shifting to and from between web-to-store and store-to-web consumer shopping behaviors
New spending statistics have disproved the accepted luxury consumer demographic of males in their 40’s and 50’s. The spenders of today (and tomorrow) are millennials, gen z of the female gender
Though many analysts don’t expect the repatriation of luxury spending due to travel restrictions to continue past 2022, the Hainan Island duty-free purchase numbers show some promise. Only time can tell if Chinese luxury spenders will sustain domestic buying habits once travel restrictions resemble normalcy.
