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Luxury goods recovery boosted by China spending
Luxury purchase behaviourLuxury retailGreater China
After a sharp downturn in 2020, the global market for personal luxury goods is set to recover to 2019 levels this year (€283bn v €281bn), boosted by a near-doubling of spending in China and continued online growth, according to the latest Bain & Company Luxury Study.
Why it matters
Management consultancy Bain & Company describes it as “a perfect V-shaped recovery from the pandemic”. A rebound was to be expected as stores reopened post-lockdown, but to exceed the high of 2019 is impressive.
The purchase of goods has also been boosted by the travel and social restrictions that hit the experiential sector of the luxury market – and while the latter is expected to recover, Bain still sees the personal luxury segment growing at between 6% and 8% a year up to 2025.
During 2021, demand for luxury goods in China increased 97% compared to 2019.
By 2025, Chinese spenders are expected to account for between 40% and 45% of all consumers of personal luxury goods.
Between 25% and 27% of luxury shopping will be made in mainland China.
In 2021, the online channel is expected to account for around 21% of total luxury shopping, up from 12% in 2019 (with brand-controlled websites accounting for 40% of the online segment).
More than 70% of those online purchases are expected to be made by Millennials and Gen Zers.
“It's likely that the crisis will mark a turning point for luxury as we knew it – luxury brands will continue to redefine themselves, expanding their mission beyond creativity and excellence, becoming enablers of social and cultural change” – Federica Levato, partner, Bain & Company.
Sourced from Bain & Company [Image: Bain & Company]
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