In this undated photo, customers visit a Coach store at an expo in Haikou, Hainan province. (YUAN CHEN / FOR CHINA DAILY)
SHANGHAI – China's luxury goods market is expected to grow to 816 billion yuan (about $112 billion) by 2025, or approximately 25 percent of the global total, according to a report from PwC China on Thursday.
The Asia-Pacific region has become an important growth engine for the global luxury goods market, and China, as a major driver, will continue to unleash its potential, according to the Chinese mainland and the Hong Kong Special Administrative Region luxury industry analysis report.
Offshore duty-free shopping in Hainan has boosted China's burgeoning luxury goods market, with offshore duty-free shopping in the province accounting for about 13 percent of Chinese consumer spending on luxuries in 2021
Offshore duty-free shopping in the southern Chinese island province of Hainan has boosted the country's burgeoning luxury goods market, with offshore duty-free shopping in Hainan accounting for about 13 percent of Chinese consumer spending on luxuries in 2021, raking in 49.5 billion yuan, the report stated.
As the Chinese mainland has fully resumed normal travel to and from the HKSAR and the Macao SAR, luxury consumption in the HKSAR will gradually embrace a rebound, it said.
READ MORE: As travel resumes, China's luxury shoppers ask: Paris or Hainan?
"China's luxury market is rapidly recovering from the pandemic with greater strength, resilience and flexibility," said Steven Zhong, ESG Strategy Lead Partner at PwC China.