How wealthy Chinese spend their holidays: New trends shaping China’s luxury travel market

Due to the pandemic and the continuous lockdowns in China, China’s travel market, especially China’s luxury travel market has faced big challenges. In 2019, China’s domestic tourism revenue reached 5.73 trillion yuan. However, in 2020, the COVID-19 pandemic caused revenue to plummet by 61%. Although looking more optimistic, China’s domestic tourism revenue in 2021 stopped […]

What happens when luxury fashion brands tap into the F&B industry in China

Luxury brands are venturing outside of their core market segment, especially when it comes to Asia. Beyond expanding into fashion-related sectors, such as beauty and jewelry, several luxury fashion brands decided to tap into the F&B industry. In 2015, Gucci made the move to open a restaurant called “1921 Gucci Café” in Shanghai’s luxury shopping […]

China’s luxury leather goods market remains resilient despite the pandemic

Chinese consumers were reported to spend 741 billion RMB on luxury goods in 2021, recording an increase of 36% compared to the previous year. Despite the impact of Covid-19, China’s luxury market has witnessed continuous growth. According to Bain & Company, China’s luxury market accounted for 21% of the global market in 2021, and it […]

China’s Diamond Market: lab diamonds are a girl’s (and guy’s) best friend

China’s diamond market has been the world’s second largest for over a decade. In particular, statistics from the Gems & Jewelry Trade Association of China reveal that the diamond jewelry market reached approximately 79 billion RMB in 2021. DeBeers Diamond Insight Report 2019 reveals that in China, love-related occasions account for 58% of the value […]

Unpacking the challenges of the secondhand clothing market in China

In China, an estimated 26 million tons of clothes are thrown away every year, whereas less than 1% of that amount is reused or recycled. Due to association with poverty and the concept of mianzi (面子), many Chinese people are unwilling to buy and wear secondhand clothing, leading to mass production and waste accumulation in […]