Chinese consumers are spending more on luxury goods at home, despite the pandemic, consultancy Bain & Company said in its annual report on the sector.
Mainland China's share of the global luxury market rose in 2021 as consumers spent more at home, keeping the country on track to become the world's largest luxury goods market by 2025, according to consultancy Bain & Company.
The growth in luxury goods sales comes despite a slump in Chinese retail sales overall since the pandemic began in 2020. The data also reflects the growth of China's domestic market as a destination for international brands. "China remains the best consumer story in the world," the Bain analysts said, pointing to the country's growing middle class. "The average increase of disposable income remains higher than inflation."
But that's contingent on Chinese authorities relaxing restrictions on international travel and duty-free purchase quotas, the analysts said in a report late last month.
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