What is the current state of the luxury market in China?
Luxury is the only thing that matters most today. But luxury cannot be relevant without the huge sales seen in Asia, especially China. Bain and Company say that the Chinese are expected to account for about half of global luxury consumption by 2025.
China, as the best producer of luxury goods
Known for its Western and even international reputation, China is a land of opportunity. Most people are looking for luxury, the most demanded brand, like the latest luxury bag sold. To confirm the information about the items offered by China, click here navigate to this site. In China, the numbers are totally unbelievable and climbing day by day. It should be noted that the market is so fluid that a limited edition Burberry bag can be sold out in as little as 10 minutes. More interestingly, the live broadcast of New York Fashion Weeks is watched by 90 million people in China. It should be noted that in China everything is possible, but obviously nothing is easy.
A change observed in the consumption of luxury goods in China
Indeed, the majority of sales of luxury goods and brands are in China. However, luxury brands cannot neglect their Asian audience which is the very pillar of sales if they want to maintain their turnover. At the beginning of the COVID-19 pandemic, China, unlike many countries, maintained their sales through Chinese luxury consumers.
In addition, Chinese consumers traveled extensively to enjoy low taxes at duty-free stores and unique customer service. Due to Covid-19-related international travel restrictions, they shifted from overseas purchases to domestic purchases.
It is clear that all luxury brands produced in China must be able to appeal to and attract Chinese consumers first and foremost. It is therefore necessary to understand the Chinese culture and national pride. China is able to maintain its sales by seeking to understand the preferences of its consumers.