Luxury goods had a promising start in China in 2022, with leading luxury goods conglomerates continuing their robust growth in the first quarter, and encouraging results reported. However, in the second quarter it was faced with high uncertainty, given the rapid spread of the Omicron variant of COVID-19, which led to full or partial lockdown in dozens of cities in China.
Luxury brands have been taking a more diversified approach to celebrity endorsement in the Chinese market since 2021, as the Kris Wu scandal awakened luxury brands to the risks of being tightly bound with certain spokespersons. When luxury brands are deciding on new choices of influencers, two significant trends have emerged: virtual influencers and athletes.
Players in premium and luxury cars and fine wines/champagne and spirits maintained their leading positions in luxury goods in China in value terms in 2021. Bayerische Motoren Werke AG outperformed previous leader Daimler AG and became the top player in luxury goods in China in 2021, thanks to its agile supply chain management and proactive rejuvenation strategy.
Pop-up stores are playing an increasingly important role in luxury goods in China, and have become an efficient way to reach out to consumers beyond store expansion. Pop-up stores or creative spaces established by luxury brands can reach a balance between the inherent feeling of distance that luxury brands feature, and an accessible image.
After two years of strong growth, mainly driven by personal luxury, luxury goods in China is expected to step into a period of slowing current value growth in the forecast period, given the high base. However, the marketing strategies of luxury houses have been evolving in response to COVID-19, with the metaverse and augmented reality (AR) being some of the innovative solutions that are adding value to digital marketing and helping to sidestep the adverse impacts brought about by lockdowns.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.See All of Our Definitions
This report originates from Passport, our Luxury Goods research and analysis database.
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