Daxue Consulting: The Emergence of Chinese Luxury Brands
WHAT’S IN THE REPORT
Nowadays Chinese consumers are a major driver of growth for the global luxury industry and their importance is bound to increase in the years to come. Indeed, mainland China is expected to become the world’s largest luxury goods market by 2025, thereby surpassing the regional share of the Americas and Europe. Covid-19 travel restrictions induced Chinese consumers to purchase luxury items domestically, thus stimulating the demand for duty-free goods.
Meanwhile, the wave of growing nationalism and cultural confidence, along with a shift in the perception of the Made in China label, are creating a conducive ground for the rise of Chinese luxury brands. That is why we surveyed 1,000 Chinese consumers to know more about their thoughts around Chinese luxury brands and we investigated 5 hypotheses on the emergence of local luxury players.