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 […]

The Chinese luxury market after COVID-19 survives through online channels

Chinese luxury market after COVID-19

This decade, the Chinese luxury market growth was around 6% per year. However, it is now weakened by the coronavirus. The pandemic affects both demand and offer of the luxury industry. Some recent changes of the industry as digitalization help it to hold market share. Still, the important growth might come to an end. Is […]

Market research: Second hand luxury market in China

second-hand luxury market in China

Market research: Second hand luxury market in China The Second hand luxury market in China is still in its early stages, but is showing signs of huge growth potential. In 2013, the market was valued at about RMB 3 billion, benefiting from a 30% annual growth rate. That year, there were 823 second-hand luxury shops in the […]