A Prada store in Beijing. Premium consumer and luxury goods brands have cut an 18 per cent year-on-year growth forecast on average for their mainland China businesses to 3 per cent, according to consultancy Oliver Wyman. Photo: Reuters
A Prada store in Beijing. Premium consumer and luxury goods brands have cut an 18 per cent year-on-year growth forecast on average for their mainland China businesses to 3 per cent, according to consultancy Oliver Wyman. Photo: Reuters

Will Covid-19 chills and slumping economy keep China from becoming world’s largest luxury goods market?

  • A confluence of macroeconomic factors appears to have stirred up an increasing amount of self reflection among China’s young middle-class shoppers and suppressed their appetite for spending
  • Analysts at Bain & Company, Oliver Wyman and home-grown consultancy Yaok Institute, however, believe that China is still on a path to becoming the world’s largest luxury goods market

A Prada store in Beijing. Premium consumer and luxury goods brands have cut an 18 per cent year-on-year growth forecast on average for their mainland China businesses to 3 per cent, according to consultancy Oliver Wyman. Photo: Reuters
A Prada store in Beijing. Premium consumer and luxury goods brands have cut an 18 per cent year-on-year growth forecast on average for their mainland China businesses to 3 per cent, according to consultancy Oliver Wyman. Photo: Reuters
READ FULL ARTICLE