Consumers’ Appetite For Luxury in a Post-Zero-Covid China

What's Inside

China’s Zero-Covid policies resulted in three years of severe travel and mobility restrictions and multiple lockdowns in major cities, severely damaging economic consumption in the country, particularly in 2022. However, 2023 saw the repeal of many of these policies.

Using new proprietary survey data, we explore Chinese consumers’ appetite for luxury post Zero-Covid. We also examine macroeconomic indicators, retail trends and other factors influencing Chinese consumers’ appetite for luxury.

Data in this report include:

• Global, China and US luxury market sizes for 2019 through 2023 (estimated)
• Proprietary survey data on Chinese consumers luxury purchase habits last year and their purchases intentions for the 12 months ahead
• Household savings information for Chinese citizens for 2019 and 2022

Companies mentioned in this report include: Chanel, Dior, JD.com, LVMH, Richemont, SKP and Tiffany

Other relevant research:

• Market Outlook: China Retail—The $6 Trillion Sector Recovers Slowly
• Retail 2023: 10 Trends in China E-Commerce
• Market Outlook: Asia Luxury Market To Drive Global Luxury Growth
• Key Festivals and Holidays for Promotional Campaigns in China in 2023: Calendar

The China Consumer Tracker report series from Coresight Research