China's luxury goods market bucks global trend
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2021-02-18 10:58:02China Daily
Editor : Li Yan
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Consumers pass a Chaumet store in Hong Kong. Chaumet is a luxury jewelry brand based in Paris. （YANG JINYAN/FOR CHINA DAILY）
Fiscal policies, higher purchasing power of young shoppers, digitalization and duty-free enterprises boost prospects
Due to the novel coronavirus pandemic, the luxury market last year inevitably encountered a slowdown. But the Chinese market has surfaced as a bright spot.
After an understandably rocky start, China's luxury goods market finished out 2020 with double and even triple-digit growth rates for some brands.
Bucking global forecasts of a 23 percent drop in the luxury market, the country is forecast by consultancy Bain &Co to enjoy a robust 48 percent growth in luxury spending in 2020, totaling almost 346 billion yuan ($53.5 billion).