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China’s Booming Luxury Market Won’t Be Smooth Sailing Next Year

As repatriation of luxury spend continues in 2022, domestic sales in China are expected to surpass 2019 levels by 90 to 110 percent, but that doesn’t mean brands can rest on their laurels amid economic headwinds and government crackdowns.

Fendi bags are on display at LVMH booth of the 4th China International Import Expo (CIIE) on November 8, 2021 in Shanghai, China. — The sixth annual State of Fashion report estimates that 65 percent of Chinese consumers’ luxury spend now comes from within mainland China, a complete inversion since 2019 when 65 percent of sales happened outside its borders. (Getty Images)

By

Casey Hall

07 December 2021

BoF PROFESSIONAL

As more countries raise the drawbridge in response to the Omicron variant of Covid-19, Chinese political leaders are said to be feeling vindicated about their strict zero-Covid policies which aim to eliminate community transmission and keep new variants of the virus out of the country.

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