By 2025, China will be the world’s largest luxury market

Payne & Co., a global management consulting firm, said on Saturday that about 21 percent of global consumer spending on luxury goods came from the Chinese mainland, and that China is expected to become the world’s largest luxury market by 2025. By the New Chinese News Agency (Xinhua).

The company recently released the “China Luxury Goods Report 2021”, and domestic sales of luxury personal goods over the Chinese mainland rose 36 percent year-over-year to about 471 billion yuan ($ 74 billion) in 2021, almost doubling. Number registered in 2019.

More luxury goods products recorded mixed market growth in China last year. Luxury leather goods are growing fast with about 60 percent, followed by fashion clothing and jewelry.

The report pointed out that tax-free outdoor shopping in the southern Chinese island province of Hainan boosted the country’s growing luxury goods market, as luxury personal items accounted for 95 percent of Hainan’s tax-free sales last year, while more than half of luxury. Products International Brand Cosmetics.

By 2021, online sales of luxury goods in China will increase by about 56 percent, faster than the growth rate of physical stores, the traditional and primary distribution channel of the luxury goods industry.

But because of the effects of the COVID-19 epidemic and associated travel restrictions, more than 90 percent of Chinese consumer luxury spending is reported within Chinese territory, the report said.

“Overall, by the end of 2022 and the first half of 2020, we expect Chinese consumers to regain their pre-Kovit-19 level of personal luxury goods purchases,” said Cheng Weiwe, co-author and co-author of Payne & Company. Report. 2023⁇.

As global economic output is expected to cross $ 100 trillion this year, growth in the luxury goods market in China is expected to pick up this year.

Chaber, a British consulting firm, predicts that China will become the world’s largest economy in dollar terms by 2030, two years higher than predicted in last year’s World Economic Forum calendar report. Luxury car makers such as Rolls-Royce and Bentley, even Bugatti, reached record sales in 2021, with all-wheel drive companies topping the sales list, away from the health-crippled car market. Rolls-Royce (BMW Group) sold 5,586 cars, surpassing the all-time highs recorded in 2019, and wealthy customers flocked to buy the new “Ghost” and four-wheel-drive “Cullinan”, starting at its price level. 300 thousand euros (in France).

Bentley and Lamborghini (Volkswagen Group) recorded record sales worldwide with 14,659 and 8,405 cars, respectively, especially thanks to the four-wheel drive Pentecost and Urus, which sold for around ,000 200,000.

In terms of sheer luxury, Bugatti was seen as “the best year ever in the history of the company” as 150 cars were ordered at a base price of three million euros.