Optimism for the Luxury Goods Market in China

After a slump in the first quarter of 2020 due to lockdown measures, the luxury market in China rebounded much faster than expected. This was mainly due to pent-up demand for shopping, but also due to an increase in local consumption. Although China will continue to be impacted by uncertainty surrounding travel flows, Euromonitor International’s latest travel data suggests that tourist spending will increase by around 80 percent in 2021, having dropped by 57 percent in 2020.

For more information about the luxury market in Asia Pacific, you may read our recent article Luxury Spending in Asia Pacific Beyond Coronavirus: Key Strategies for the Future.