This story is available exclusively to Business Insider subscribers.Chinese consumers have actually bought more luxury goods during the pandemic, despite global luxury sales falling around 30%.
Chinese consumers are the world's biggest luxury goods buyers, and most of their luxury goods purchases are made overseas – so future travel restrictions may determine the success of Europe's luxury goods market, which relies on Chinese tourists.The pandemic hasn't slowed consumer spending on luxury goods — at least not in China.
But with international travel restrictions still in place, Chinese shoppers are buying these products closer to home. This means the domestic market in Mainland China is "probably growing stronger than ever before,"Meanwhile, luxury goods shops in Europe are losing out — and analysts say the future of the market on that continent could be shaped by house Chinese buyers act in the coming months and years.
The Chinese government had been pushing this Chinese luxury spend repatriation for a long time by changing duty-free regulations, cutting important tariffs in 2018, and moving GDP towards consumption, Luca Solca, senior research analyst at Bernstein, told Business Insider.estimated that Chinese consumers would make around half of their luxury purchases in the country by 2025.
Europe has already seen a huge drop in tourists so far this year. After Asia and the Pacific, Europe suffered the largest drop in international tourists, reported, with 66% fewer visitors visiting the continent in the first half of 2020. Visitors dipped by almost two-thirds in March compared to last year after travel restrictions were introduced, and plummeted to just 1.4 million this April compared to 56.8 million in the same month last year.
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