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Sales of luxury goods in the Chinese market grew by 36% in 2021 and it is expected to become the world’s largest by 2025, according to several media outlets reporting on Bain & Company‘s “China Luxury Report 2021“.
Despite the Covid-19 pandemic, the Chinese market has managed to record significant sales growth over the past year. Domestic sales of luxury goods reached a sum of 471 billion yuan ($74.24 billion) in 2021 and almost doubled compared to the year 2020.
In addition, China’s share of the global luxury market has increased to 21% in 2021 from 20% in the previous year. It is expected to keep growing to become the majority market in the luxury sector by 2025, according to Bruno Lannes, partner at Bain & Co. and co-author of the report.
“We expect 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,” Lannes said in the report.
The proportion of buyers reached a record high in 2021, bringing the proportion of Chinese who bought luxury goods in the country to 90%, compared to 70-75% in 2020.
However, the equivalent results for luxury goods purchases were not the same in all areas or luxury houses. While some showed growth rates of up to 70%, some showed only 10% for the whole of 2021. In terms of sales areas, leather goods showed the fastest growth of around 60% in 2021, followed by fashion and lifestyle, up around 40%.
As for jewellery, Chinese shoppers’ spending in this sector has increased by 35% in 2021. For their part, spending on high-end watches has increased by 30%, and 20% for luxury beauty.
China’s online luxury sales in 2021 grew by nearly 56%, while offline sales increased by 30%. Duty-free shops in Hainan, an offshore free trade zone in a southern Chinese island province, saw their sales almost double between 2020 and 2021, reaching nearly 60 billion yuan. These purchases have notably contributed to the strong growth of the Chinese luxury market, according to the report.
Finally, Xing Weiwei, partner at Bain & Company and co-author of the report, remains optimistic about the coming years, saying that repatriation of spending, duty-free shopping abroad in Hainan as well as digitisation will remain major factors in the growth of the Chinese luxury market.
“Overall, we expect Chinese consumers’ personal luxury purchases to return to pre-Covid levels between the end of 2022 and the first half of 2023,” said Xing Weiwei. “This will be supported by continued repatriation of spending and driven by the gradual reopening of international travel, first in Asia and then globally,” he continued.
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Sales of luxury goods in the Chinese market grew by 36% in 2021 and it is expected to become the world’s largest by 2025, according to several media outlets reporting on Bain & Company‘s “China Luxury Report 2021”.
Despite the Covid-19 pandemic, the Chinese market has managed to record significant sales growth over the past year. Domestic sales of luxury goods reached a sum of 471 billion yuan ($74.24 billion) in 2021 and almost doubled compared to the year 2020.
In addition, China’s share of the global luxury market has increased to 21% in 2021 from 20% in the previous year. It is expected to keep growing to become the majority market in the luxury sector by 2025, according to Bruno Lannes, partner at Bain & Co. and co-author of the report.
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Sales of luxury goods in the Chinese market grew by 36% in 2021 and it is expected to become the world’s largest by 2025, according to several media outlets reporting on Bain & Company‘s “China Luxury Report 2021”.
Despite the Covid-19 pandemic, the Chinese market has managed to record significant sales growth over the past year. Domestic sales of luxury goods reached a sum of 471 billion yuan ($74.24 billion) in 2021 and almost doubled compared to the year 2020.
In addition, China’s share of the global luxury market has increased to 21% in 2021 from 20% in the previous year. It is expected to keep growing to become the majority market in the luxury sector by 2025, according to Bruno Lannes, partner at Bain & Co. and co-author of the report.
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