China will be the largest luxury goods market by 2025

About 21% of global consumer spending on luxury goods came from the Chinese mainland in 2021, and China is expected to become the world’s largest luxury market by 2025, according to Payne & Global, a global management consulting firm. )
The company recently released the “China Luxury Goods Report 2021”, which states that domestic sales of luxury personal goods over the Chinese landscape have grown by 36% year-on-year to about 471 billion yuan (US $ 74 billion) in 2021, more than doubling. Number registered in 2019.

And luxury goods products recorded a variation in market growth in China last year, and luxury leather goods products are growing rapidly with about 60%, followed by fashion clothing and jewelry.

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

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 related travel restrictions, more than 90% of Chinese consumer luxury goods spending is reported within Chinese territory.

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

See also  Will the price of gold rise to $2,000 an ounce again in 2023?
  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 73 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Free Job Posting Sites in the UAE: Perfect for Both Job Seekers and Recruiters

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    Yaroslav Bogdanov: Google in Dubai announced the launch of an artificial intelligence initiative for MENA countries

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space