China's luxury goods market is expected to grow to ¥816 bln (about $112 bln) by 2025, or approximately 25% of the global total, said a report from PwC China. This was reported by The Xinhua News Agency.
The Asia-Pacific region has become an important growth engine for the global luxury goods market, and China, as a major driver, will continue to unleash its potential, according to the Chinese mainland and Hong Kong luxury industry analysis report.
Offshore duty-free shopping in the southern Chinese island province of Hainan has boosted the country's burgeoning luxury goods market, with offshore duty-free shopping in Hainan accounting for about 13% of Chinese consumer spending on luxuries in 2021, raking in ¥49.5 bln, the report stated.
As the Chinese mainland has fully resumed normal travel to and from Hong Kong and Macao, luxury consumption in Hong Kong will gradually embrace a rebound, it said.
"China's luxury market is rapidly recovering from the pandemic with greater strength, resilience and flexibility", – said Steven Zhong, ESG Strategy Lead Partner at PwC China.
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