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.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer: