The stage is set for China to become the world’s biggest luxury market by 2025, according to a new report.
In a year where global luxury spending has fallen dramatically, China’s domestic market is still poised to grow, as the region’s wealthy residents stayed close to home due to the coronavirus pandemic but splurged on jewelry, leather goods and fine wine.
Historically, luxury markets in Europe and the United States have been fueled by international travel — especially of Chinese tourists. But the new report from Bain & Co. predicts wealthy Chinese consumers are going to be doing much more of their spending locally in the years ahead.
