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Has China's domestic luxury surge reached its end?

Jing Daily features insights from our CEO Jonathan Siboni, who discusses the shifting patterns of Chinese luxury consumers:

'Chinese consumers are rethinking their lifestyles post-pandemic and no longer want to spend three hours queuing outside a store in Paris in the rain, but rather want to connect with a local sales associate who knows them and can advise them better.'

According to Bain & Company estimates, in 2023, around 70% of luxury purchases occurred within China, down from 90% during the pandemic, yet still above pre-pandemic figures. However, there's a rising trend in overseas spending, particularly in key luxury destinations like Italy, France, Japan, and Singapore.

Oxford Economics predicts that international trips by Chinese travelers will nearly double this year compared to 2023, though this still places travel volumes about 22% below 2019 levels. They anticipate a full recovery by 2025, marking a slower rebound compared to other major global markets.

For a more detailed analysis of Chinese luxury consumers' evolving preferences and spending habits, visit Jing Daily to read the full article, authored by Avery Booker.

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