Spending on luxury in China has rebounded strongly as restrictions to global travel have pushed Chinese consumers to make luxury purchases domestically rather than abroad. Growth for the mainland China luxury market is expected to climb by 48% to reach almost RMB 346 billion in 2020.
This growth has driven China to double its overall share of the global luxury market in 2020, with further growth expected through 2025, according to a joint report published by Bain & Company and Tmall Luxury Division.
The global luxury market shrank by 23% in 2020, however, mainland China’s market share nearly doubled, growing from about 11 percent last year to 20 percent in 2020.
This growth is likely to continue, putting the country on track to claim the biggest share of the global luxury mark...
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