In the midst of economic turbulence, some entry-level consumers are holding off on spending, and therefore very important customers, also known as VICs, are becoming more important to luxury brands than ever before. A lot of new wealth has been crushed in the last few months because of the slowdown in the stock, crypto or NFT markets, or from having lower incomes.
Luxury jewellery is expected to recover to the pre-COVID level in 2023 in current value terms, based on the assumption that tourism will see a significant return in this year. Luxury jewellery is expected to remain resilient over the forecast period as affluent local consumers have strong purchasing power and are less affected by economic problems.
Luxury brands are trying to appeal to younger generations, especially in Asia, because people have access to wealth at a younger age. Millennials and gen Z have emerged as growth engines for personal luxury categories.
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Understand the latest market trends and future growth opportunities for the Personal Luxury industry in Hong Kong, 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 Designer Clothing and Footwear (Ready-to-Wear), Luxury Eyewear, Luxury Jewellery, Luxury Timepieces, Luxury Leather Goods, Luxury Writing Instruments and Stationery, Luxury Portable Consumer Electronics and Super Premium Beauty and Personal Care.See All of Our Definitions
This report originates from Passport, our Personal Luxury research and analysis database.
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