China's luxury market is driven by domestic spending, younger consumers, and sustainability, providing growth opportunities for European brands that require digital engagement and tailored strategies.
China accounts for nearly 35% of global luxury goods consumption, signaling its pivotal role in the industry, with significant growth in luxury spending attributed to factors like increased disposable income and a rising middle class.
Chinese consumers are expected to represent 22-24% of luxury sales globally, increasing to potentially 40% by 2030. The demographic shift towards younger consumers, particularly Gen Z and Millennials, is reshaping luxury consumption.
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