Chinese love of luxury remains strong, but shoppers are ditching London and Paris for home-growns
The world of envy we call the luxury goods market is in the process of radical change, thanks to the travel curbs driven by the Covid-19 pandemic, political change, the e-commerce revolution – and of course, as with all things, China.
From daigou to guochao; from Hong Kong to Hainan; from “conspicuous” to “inconspicuous” consumption – radical changes are keeping the luxury industry on its toes. And, despite the “zero-Covid” lockdowns that have dampened China’s economy since 2020, the Burberrys and LVMHs of this world still appear confident that China will become the world’s No 1 luxury market by 2025.
The international consultancy Bain, whose annual report on the Chinese luxury market is to many the bible on the country’s consumer trends, says that the Chinese urge to spend remains alive and well.
That is despite the collapse of international travel from China and, with it, the implosion of the European duty-free market that was largely sustained by Chinese daigou – young women who built businesses out of buying suitcase-loads of luxury goods from London, Milan and Paris and selling them at home.
Read More at https://www.scmp.com/comment/opinion/article/3191276/chinese-love-luxury-remains-strong-shoppers-are-ditching-london-and