Retail value sales of luxury goods in China are rising by 4% in 2024 in current terms, to stand at CNY3.26 trillion.
China is home to one of the world’s wealthiest and most affluent populations and stands out as the world’s largest luxury goods market. While the proportion of affluent adults residing in China represents a small share of the total population, the market appears to be resilient, with China the first major economy to see its real economic output and consumer retail spending rebound fully to pre-pandemic levels.
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. The consumer shift online persists, prompting players to introduce new experiences in traditional retail spaces in a bid to lure and retain in-person shoppers.
Overall luxury goods in China faces a largely positive outlook for the forecast period. Retail sales are expected to increase at a CAGR of 6% in current value terms (3% constant 2024 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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