CHINA's is expected to surpass the US and Europe to lead the personal luxury market by 2030, according to a study from accounting firm PwC, reports Caixin.
The market is expected to reach a value of US$148 billion by 2030, accounting for 25 per cent of the global total, up from an estimated 19 per cent last year, the report said.
In contrast, the US and Europe's share of global luxury retail is expected to fall from 27 per cent each to 23 per cent each during that period.
After fluctuating significantly during the pandemic, China's personal luxury market is believed to have rebounded to $69 billion last year, due largely to a recovery in international travel, said the PwC report.
Multiple factors will drive the rapid growth of the Chinese market, said PwC, including the massive wealth transfer to younger generations, luxury brands' offline expansion, as well as growing opportunities arising from Hainan's upcoming 'seal-off.'
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The market is expected to reach a value of US$148 billion by 2030, accounting for 25 per cent of the global total, up from an estimated 19 per cent last year, the report said.
In contrast, the US and Europe's share of global luxury retail is expected to fall from 27 per cent each to 23 per cent each during that period.
After fluctuating significantly during the pandemic, China's personal luxury market is believed to have rebounded to $69 billion last year, due largely to a recovery in international travel, said the PwC report.
Multiple factors will drive the rapid growth of the Chinese market, said PwC, including the massive wealth transfer to younger generations, luxury brands' offline expansion, as well as growing opportunities arising from Hainan's upcoming 'seal-off.'
SeaNews Turkey