Affected by the COVID-19 lockdown measures, sales of luxury goods in the Chinese market have suffered significant setbacks. Global luxury industry leaders said recently that the booming U.S. market and emerging markets have the potential to help offset the negative impact of the Chinese market.
Before the outbreak of the CCP (Chinese Communist Party) virus pandemic, wealthy Chinese were once the largest consumers of luxury goods in the world. After the pandemic began, Chinese luxury goods buyers could not travel abroad and were forced to shifted their spending from international markets to the domestic one. As a result, China itself became the world’s largest luxury goods market in 2021…