BEIJING : China's luxury market contracted 10 per cent in 2022 on the year, snapping a five-year streak of high growth, as Beijing's zero-COVID policy and a slowing economy hit spending, Bain & Company said in a report on Tuesday.
The figure compared to growth of 1 per cent between 2012 and 2016, and a 26 per cent increase in sales between 2016 and 2019, Bain said. While categories with high online penetration, such as luxury beauty, suffered single-digit declines, the watch market fell the most, with sales dropping 20 per cent to 25 per cent from 2021.
But Beijing's decision to dismantle the zero-COVID policy in early December is likely to bring back growth this year as mall traffic improves and consumer sentiment rebounds, Bain said.
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