From CNBC:

Luxury sales are rebounding in China, with LVMH reporting more than 30% growth in fashion and leather goods in December. Interest in luxury purchases at home is growing, with mainland China’s personal luxury market growing by about 12% last year, according to consulting firm Bain & Company.

Richemont reported strong growth in the last quarter of 2023 in mainland China, Hong Kong, and Macao. China’s prolonged real estate slump and slow recovery of overseas tourism has slowed consumer spending, with uncertainty about future income affecting purchasing habits. Luxury brands and online channels are increasingly important to ensure customer engagement.

About half of leading luxury brands and niche brands have rebounded to 2021 sales levels, according to a Bain report. Emerging segments, like bedding and fine linen, are becoming more prominent in China. Despite potential for growth, Chinese consumer demand for high-end bedding and bath textiles is relatively low, accounting for about 5% of the global market.



Read more: China’s luxury market is bouncing back with new areas of opportunity