Reshaping the Chinese Luxury Market: Shifting Consumer Values and Transformative Retail Experiences
In 2019, McKinsey estimated China’s share of the global luxury market would grow to 41% by 2025. China’s luxury market has been mounting up for the past five years, doubling in size between 2019 and 2021. This growth was disrupted in 2022 due to the zero-Covid policy. In 2022, nearly every luxury category and most […]
The future challenges of Chinese luxury watch brands: domestic players bet on innovation
In line with the objectives of the ‘Made in China 2025’ plan, China is committed to move up the value chain, turning its products into a synonym for high-quality and innovation. According to the National Bureau of Statistics of China during 2022 H1, the per capita disposable income nationwide was US$2,537.03, recording a nominal increase […]
Insights of the Decline of China’s Luxury Industry
The Impact of China’s Economy Slow Down As China’s economy slows down, the luxury industry is experiencing a slump. 2015 China Luxury Report from Daxue Consulting says that China’s luxury market has been declining in two consecutive years. Data shows that China’s luxury market size in 2015 was 113 billion yuan, dropping by 2% from […]