However, compared to $14.4 trillion in 2019, $14.8 trillion in 2020 and $16.7 trillion in 2021, China’s economy is still growing.
Recently, during the release of its 2022 financial results, Hermès chairman Axel Dumas told analysts that strong demand was still being seen in China. He added: “Stable sales were maintained in the Chinese market over the past two years. It is a strong growth momentum that China continues to show, rather than a recovery.
UBS analysts pointed out in a recent report that although Chinese consumers’ share of global luxury spending fell to 17 percent last year due to the epidemic, Chinese consumers will be more important to luxury brands in 2023 than in 2019. For his part, Arnaud Cadart of asset management firm Flornoy Ferri expects Chinese luxury spending to achieve a 30 percent year-over-year increase this year.The advantages of China’s fashion industry in the past 40 years may be divided into two parts.
In addition, the importance international brands attach to Chinese culture has evolved beyond the symbolic gestures, like special products launched during traditional festivals, to a deeper, localized cultural relevance and social responsibility. China Select is a new project launched by Tranoi and the China Fashion Designers Association. Courtesy of Tranoi.According to the industrial transformation plan, the fashion industry will also move toward a high-quality development stage. With a fast-growing and constantly renewed economy, a digital intelligence-enabled retail system is the key to “high quality” in a modern business environment.