The nation's shoppers dropped $74.3 billion on clothing, jewelry and other luxury goods in 2021.
The consultancy firm’s latest report estimates that Chinese consumers spent 471 million yuan on personal luxury items last year. Not only is that a marked increase over what was spent in 2020 , it also means that the country’s luxury spending has nearly doubled since the beginning of the pandemic. These goods include items like clothes, shoes and jewelry, but exclude travel and experiences.
The biggest reason for the increase in spending can be attributed to travel restrictions enacted because of Covid-19, which has seen consumers spend their money domestically as opposed to abroad. Other factors that have contributed to the growth include a 56 percent increase in online shopping, as well as the establishment of an off-shore, duty-free zone in Hainan, an island province in the south of China.
Because of the increase in spending, China’s share of the global luxury market now stands at 21 percent, and Bain & Company expects this number to keep climbing. “We anticipate this growth to continue, putting the country on track to become the world’s largest luxury goods market by 2025—regardless of future international travel patterns,” Bruno Lannes, a partner at the firm, said in the report.
Of course, luxury goods markets aren’t just growing in China. They appear to be booming all over the world. Over the last couple of months, we’ve witnessed a
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