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China’s Luxury Market Set for Moderate Growth

Despite the country’s protracted property crisis, deflationary pressures and other economic headwinds, its domestic luxury market is expected to grow 4 to 6 percent in 2024, outpacing Europe and the US.

Gucci is looking to grow sales in China as the current wave of Covid cases subsides. — The economy may now be weakened but its domestic luxury market is almost double the size it was in 2019, with growth projected to outpace that of the US and Europe. (Getty Images)

By

Tiffany Ap

16 January 2024

BoF PROFESSIONAL

The fact that China’s reopening last year wasn’t the big welcome back the luxury industry had hoped for only means brands can’t afford to take their eye off the ball this year. The economy may now be weakened but its domestic luxury market is almost double the size it was in 2019, with growth projected to outpace that of the US and Europe.

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About the author

Tiffany Ap is Senior Correspondent at The Business of Fashion. She is based in New York and covers marketing and the critical China market.

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