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Chinese luxury spending braced for year-long recovery
Luxury purchase behaviourGreater China
New data from global consultancy Bain & Company suggests personal luxury purchases in China will return to pre-pandemic levels between the end of 2022 and beginning of 2023.
Why it matters
China’s luxury spenders were a nigh-on essential part of the sector’s consumer base, making up as much as a third of spending both at home and abroad prior to COVID-19. A recovery in spending is not only essential to foreign luxury brands, but also to China’s own economy.
Reported by the South China Morning Post, Bain forecasts China’s domestic luxury market to slow from 2021’s 36% growth to “low-double digit”.
Omicron has caused a drag on expected growth, with sporadic lockdowns and labour issues hampering Q1 spending.
Bain expects Chinese consumers to continue buying primarily in China as it does not expect international travel to return this year.
Sourced from South China Morning Post. [Image:Unsplash]
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