China’s share of the global luxury goods market almost doubled to 20 per cent in 2020, according to a report. Photo: Reuters China’s share of the global luxury goods market almost doubled to 20 per cent in 2020, according to a report. Photo: Reuters
China’s share of the global luxury goods market almost doubled to 20 per cent in 2020, according to a report. Photo: Reuters
China economy

China’s rich spent US$54 billion at home on luxury goods last year with coronavirus halting overseas trips

  • Sales of luxury goods in China soared 48 per cent last year to 346 billion yuan (US$53.5 billion) with overseas travel virtually impossible due to the coronavirus
  • China’s 1.58 million high net worth families, with at least 10 million yuan of investible assets, had an average annual household expenditure of 1.75 million yuan last year

Topic |   China economy
China’s share of the global luxury goods market almost doubled to 20 per cent in 2020, according to a report. Photo: Reuters China’s share of the global luxury goods market almost doubled to 20 per cent in 2020, according to a report. Photo: Reuters
China’s share of the global luxury goods market almost doubled to 20 per cent in 2020, according to a report. Photo: Reuters
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