Sales of luxury goods in China increased by 48% in 2020 to CNY346 billion (US$53.5 billion), with leather goods performing particularly well, reports ILM.
According to a report by consulting firm Bain & Co, China’s share of the global luxury market almost doubled to 20% in 2020, with the leather goods and jewellery sectors leading the increase with gains of over 70%. Ready-to-wear clothing also grew by over 40%, with luxury beauty spending up 25% and high-end watch purchases up 20%. China had 1.58 million high net worth families with at least CNY10 million (US$1.5 million) of investible assets in 2020. The report said the luxury consumer price index for these families increased by 3.4% year-on-year in 2020, reversing the 0.3% drop in 2019, the first decline recorded since 2015.