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Tourists shop at a duty-free shopping mall in Sanya city, south China s Hainan province, Oct. 5, 2020. [Photo/Xinhua]
Following a slow start due to COVID-19, China s luxury spending has rebounded strongly as global travel restrictions have pushed Chinese consumers to make more purchases domestically rather than from abroad.
The luxury market on the Chinese mainland is expected to climb by 48 percent year on year to reach almost 346 billion yuan (about $53 billion) this year. This growth has driven China to double its share of the global luxury market in 2020, with further growth expected through 2025, according to a joint research report by Bain & Company and Tmall Luxury Division.
China s global luxury market share nearly doubles in 2020: report
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China s global luxury market share nearly doubles in 2020: report - Xinhua
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