Retail value sales of luxury goods in China grew by 6% in 2023 in current terms, to stand at CNY3 trillion. Growth in sales was fuelled by several factors during the post-lockdown period.
As well as being home to one of the world’s wealthiest and most affluent populations, China continues to stand out as the world’s largest luxury goods market. In 2023, luxury goods recorded rising sales even though there were headwinds caused by the cost-of-living crisis, the war in Ukraine, supply-chain issues and inflation.
Luxury goods remains highly competitive. With consumers thinking more about what they buy, luxury players are putting value creation at the forefront of innovation, ensuring that that the products and services they sell are attractive to consumers.
Digitalisation is reshaping the luxury retail landscape, influencing consumers’ shopping patterns and transforming how they engage with luxury brands and retailers. This is leading consumers to seek out luxury brands online, shifting away from traditional retail spaces.
The outlook for luxury goods is positive on the whole, with the release of the pent-up demand during the pandemic expected to lead to increased purchases of luxury goods during the forecast period, and some of the repatriated demand expected to be maintained. Retail sales of luxury goods in China are expected to increase at a CAGR of 8% in current value terms (6% constant 2023 value CAGR) over the forecast period to total CNY4.
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Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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