China’s luxury goods market is expected to grow to 816 billion yuan by 2025, or approximately 25 percent of the global total, said a report from PwC China last week.
The Asia-Pacific region has become an important growth engine for the global luxury goods market, and China, as a major driver, will continue to unleash its potential, according to the Chinese mainland and Hong Kong luxury industry analysis report.
Offshore duty-free shopping in the southern Chinese island province of Hainan has boosted the country’s burgeoning luxury goods market, with offshore duty-free shopping in Hainan accounting for about 13 percent of Chinese consumer spending on luxuries in 2021, raking in 49.5 billion yuan, the report stated.
As the Chinese mainland has fully resumed normal travel to and from Hong Kong and Macau, luxury consumption in Hong Kong will gradually embrace a rebound, it said.
“China’s luxury market is rapidly recovering from the pandemic with greater strength, resilience and flexibility,” said Steven Zhong, ESG Strategy Lead Partner at PwC China. MDT/Xinhua
