Report: China expected to become world’s largest luxury market by 2025
According to the Luxury Report produced by China News Service in 2021, China is predicted to become the top global luxury market by 2025.
In 2021, 21% of the global consumer spending on luxury goods were from Mainland China. These sales created a 36% year-on-year increase to around 74 billion USD. Within these sales, leather goods had the fastest growth rate of about 60%, followed by jewelry and fashion clothes. Despite the pandemic negatively affecting some global businesses, China’s online personal luxury sales continued to increase by around 56%, faster than offline stores.
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