Synopsis
The luxury goods market in China grew 48% last year as Covid-related travel disruptions boosted domestic spending. The consultancy expects this growth to continue, putting China on track to claim the biggest share of the luxury goods market by 2025.
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The pandemic has helped achieve the Chinese government’s goal of bringing spending back home and efforts like Cainiao’s will help keep it there even as travel ultimately restarts.
Alibaba’s logistics arm is launching direct cargo flights between Singapore and China’s Hainan Island, seeking to bolster the supply of luxury goods for voracious Chinese shoppers after the pandemic halted global travel.
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