SHANGHAI: An end to China's travel curbs this month is expected to revive demand in the global luxury retail market, which has been starved of mainland visitors for three years, but many consumers now see more reas
is expected to revive demand in the global luxury retail market, which has been starved of mainland visitors for three years, but many consumers now see more reasons to do their high-end shopping locally.
One Shanghai shopper, surnamed Mao, said that she had visited boutiques around the world for years, but now believes she gets the best service in China. Under pandemic travel curbs, China's domestic luxury sales boomed, doubling to 471 billion yuan from 2019 to 2021, according to Bain & Co. Even so, Chinese consumers' share of the global market fell to 21 per cent in 2021 from 25 per cent in 2019.
Many luxury companies such as LVMH's Louis Vuitton and Coach-parent Tapestry doubled down in China over the past three years, opening new flagship stores and hosting large fashion shows to reach consumers unable to go abroad.
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