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China’s luxury market contracted 10 percent in 2022 on the year, snapping a five-year streak of high growth, as Beijing’s zero-COVID policy and a slowing economy hit spending, Bain & Company said in a report on Tuesday.
The luxury market grew 42 percent annually between 2019 and 2021 but its fortunes changed in 2022, after China doubled down on stamping out COVID-19 with city-wide lockdowns and a regulatory crackdown hit the property sector and fuelled unemployment.
The figure compared to growth of 1 percent between 2012 and 2016, and a 26-percent increase in sales between 2016 and 2019, Bain said.
