Recent report published by Bain & Company suggests a significant growth of the Chinese luxury market for 2023.
Luxury market to make a significant turnaround
As per a recently released report named “Setting a New Pace for Personal Luxury Growth in China,” the luxury market in China is predicted to witness a substantial growth and return to positive figures by the conclusion of the first quarter of 2023.
Despite the challenges faced in the last five years due to various factors, including pandemic restrictions and lockdowns that have impacted China’s economy, including its luxury market, the basic drivers for luxury consumption in China remain strong.
The report highlights that the country’s middle class continues to expand, with increasing disposable income and a growing appetite for luxury goods.
As a result, the luxury market is expected to resume growth in 2023, signaling a promising future for luxury brands in China.
You can read the report here: Setting a New Pace for Personal Luxury Growth in China.
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