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Global luxury market are on track for a record decline in 2020, while business is booming in China

Global luxury market are on track for a record decline in 2020, while business is booming in China

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According to the 19th edition of Bain & Company’s Global Luxury Market Report, China is set to become the largest luxury market by 2025. Globally, the luxury sector has to adapt to new constraints, and needs to transform its approach in order to remain resilient.

 

Historically, luxury markets in Europe and the United States have been fueled by international travel, especially by Chinese tourists. With the Covid-19 health crisis, the size of the market plummets to 217 billion dollars, a 23% drop compared to 2019. Thus, the market is back to its 2014 level. But a new report from Bain & Company predicts that wealthy Chinese consumers will spend more on their territory in the coming years.

 

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