4-1-2021
While the global luxury market shrank by 23 percent amid COVID-19 pandemic, China was likely to achieve 48 percent yoy growth to US$ 53 billion in 2020, according to Bain & Company’s research this month.
China’s brands experienced a range of growth from 10 percent to over 70 percent. Regional performance varied, with the north and northeast regions underperforming. Leather goods and jewellery are the top performing product categories, followed by clothing and shoes, beauty, and watches.
"One of the most exciting trends to come out of the luxury market in 2020 has been the ways that brands have actively developed and strengthened their connections to consumers both online and offline," said Chris Tung, Alibaba Group chief marketing officer.
Millennial and Gen Z shoppers continue to drive demands, particularly online. Millennials form the core of Tmall’s luxury fashion and lifestyle and luxury beauty consumers. Omnichannel expansion increased across brands’ physical and virtual footprints and through cross-channel efforts such as luxury livestreaming from pop-up stores.
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