China’s luxury market: Current trends and future opportunities for brands [Video]

China’s luxury market, driven by domestic spending, younger consumers, and sustainability, presents European brands with growth opportunities demanding tailored strategies and digital engagement, says Petal Ads.

The face of China’s luxury market is constantly changing; marked by the surge in domestic spending, a growing appetite among the younger generation, and a shift towards sustainable and ethical goods.

For European brands eyeing growth and expansion, this exciting shift presents them with ample opportunities. However, seizing them requires a unique approach, a clear understanding of the target audience, and a personalized strategy.

The immense potential of China’s luxury market

China’s significance in the global luxury market cannot be overstated. Bain & Company revealed that the country is responsible for nearly 35% of global luxury goods consumption, an impressive statistic that underscores its pivotal role in shaping the industry’s trajectory. The reopening of the Chinese economy saw a significant and consistent surge in luxury spending, fueled by factors such as increased disposable income, a booming …

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