top of page

Luxury brands turn from Hong Kong to mainland Chinese consumers still eager to shop

  • info3591076
  • Jul 28, 2020
  • 1 min read

Despite the economic shock of the coronavirus, analysts say China’s demand for luxury goods hasn’t waned much – and it’s drawing top brands from Hong Kong to the mainland.

Consulting firm Bain estimated Chinese consumers accounted for about 35% of 281 billion euros ($317 billion) last year in global luxury spending, most of which has typically occurred overseas or in Hong Kong.

Now that the coronavirus is keeping most Chinese from traveling, several analysts expect them to buy more luxury products at home.

“All luxury brands are moving in this direction,” Federica Levato, Milan-based partner at Bain, said in a phone interview. “This is accelerated by Covid-19, but it was already happening.” In five years, the Chinese share of global luxury spending will rise to nearly half, split evenly between domestic and overseas markets, Bain predicted.

 
 
 

Comments


© 2018 MAP Asia Pacific Limited  |  DISCLAIMER

MAP Asia Pacific Limited

Suite 809, 8/F., Brill Plaza,

84 To Kwa Wan Road,

Kowloon, Hong Kong

Tel: 27902006

Fax: 27902120

Email: info@mapasiapacific.com

bottom of page