26 January 2022

Travel restrictions imposed by covid-19 have led to a big increase in Chinese consumers’ domestic purchase of luxury goods, reports Leatherbiz.

 

 

According to a new report by specialist consultancy firm Bain & Co, domestic sales of personal luxury goods increased by 48% in China in 2020 and by a further 36% in 2021.


Bain puts China’s total domestic spend on luxury goods for 2021 at almost $75 billion and says this represents “a near doubling in just two years”. It said leathergoods was the fastest growing category last year, with a growth rate of about 60%.


The new report, A Year of Contrasts for China’s Growing Personal Luxury Market, says China had a 20% share of the global luxury market in 2020, rising to 21% in 2021. “We anticipate this growth to continue, putting the country on track to become the world’s largest luxury goods market by 2025, regardless of future international travel patterns,” Bain said.

About APLF

We bring leather, material and fashion businesses together: an opportunity to meet and greet face to face. We bring them from all parts of the world so that they can find fresh partners, discover new customers or suppliers and keep ahead of industry developments.

 

We organise a number of trade exhibitions which focus on fashion and lifestyle: sectors that are constantly in flux, so visitors and exhibitors alike need to be constantly aware both of the changes around them and those forecast for coming seasons.

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