From Jing Daily – Adina-Laura Achim, November 23, 2020
What Happened: China is set to become the world’s biggest luxury goods market by 2025, thanks to Chinese consumers spending more at home and less abroad, according to a Bain & Co. report. Yet, while the personal luxury goods market is on track for its worst fall ever in 2020, China’s insatiable appetite for luxury continues to drive sales on the Mainland.
The post-COVID-19 pandemic economy is in sharp decline, falling 23 percent from its 2019 size to $257 billion (217 billion euros) — a return to 2014 levels. “The drop is the largest recorded since we have been tracking the industry,” says a press release by Bain.
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