China to be world’s No 1 luxury market by 2025, Bain & Co forecasts

Around 21 per cent of global consumer spending on luxury goods in 2021 came from China. According to Bain & Company, the Chinese are expected to become the world’s largest luxury market by 2025.In its China Luxury Report 2021, the global management consulting firm points out that the domestic sales of personal luxury goods in the Chinese mainland notched up a 36 per cent year-on-year increase to nearly 471 billion yuan (US$74.4 billion) in 2021. The sales figure had almost doubled when compared…

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