Chinese consumers splurge on luxury goods as ‘Covid hasn’t changed the lifestyle of the rich’

• Domestic purchases of luxury goods in 2021 in China was valued at US$74 billion, having totalled US$120 billion in 2019 for both domestic and international sales
• Luxury brands are being driven to tap into markets in China’s smaller cities as top-tier cities like Shanghai and Beijing are already saturated with stores and rent is high