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 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

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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