Back to Blog
China will become the world's biggest luxury goods market by 2025, with Chinese consumers set to account for nearly half of the global spending in the sector in the same period, a new report said.
In addition, the Chinese mainland will be the only region in the world to see a growth in luxury goods sales this year, said the report released by consultancy firm Bain & Co on Wednesday.
Chinese consumers continued to buy high-end luxury bags, clothes, jewelry and wines in China due to international travel curbs. Total sales of luxury goods are set to rise by 45 percent on a yearly basis to 44 billion euros ($52 billion) this year.
Globally, sales of luxury goods are set to fall by 23 percent to 217 billion euros ($258 billion) this year, recording the largest drop and first since 2009, as the pandemic has dampened the spending.
Learn more at China Daily!