The luxury market in China is expected to make a significant growth in 2023, according to the report published by Bain & Company.
Luxury market to make a significant turnaround
According to a recent report titled “Setting a New Pace for Personal Luxury Growth in China,” the Chinese luxury market is expected to make a significant turnaround and return to positive growth before the end of the first quarter of 2023.
Despite facing a 5-year decline and setback due to various factors such as imposed past pandemic restrictions and lockdowns, the fundamentals 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 below.