Chinese consumers spending more on luxury goods
Sales of luxury leathergoods in China are said to have grown substantially during 2021.
Image © yongyuan | iStockphoto.com
According to a report entitled A year of contrasts for China’s growing personal luxury market issued by US management consultancy company Bain & Co, domestic sales of personal luxury goods in China rose by 48 per cent during 2020 and by a further 36 per cent last year. This was due in part to travel restrictions imposed because of the pandemic.
The consultancy estimates that the country’s total domestic spending on luxury goods in 2021 totalled almost USD 75 billion (GBP 55 billion) and states that this represents a near doubling in just two years. The report highlighted that leathergoods was the fastest-growing luxury sector last year, with sales up by around 60 per cent.
The new report says that China had a 20 per cent share of the global luxury market in 2020, and this increased to 21 per cent by the end of 2021. Bain & Co anticipates that this growth will continue, putting the country on track to become the world’s largest luxury goods market by 2025, regardless of any future situations which may affect international travel patterns.
This article was originally published on page 2 of the February 2022 issue of SATRA Bulletin.