The luxury Chinese shopper looks different now
Consumer behaviour has been reshaped in two important and potentially lasting ways.
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The world’s second-largest high-end retail market after the US is finally expanding again.
PHOTO: REUTERS
Juliana Liu
China’s luxury-spending slump has comfortably turned the corner, but what’s emerged looks markedly different to the pre-pandemic heyday. Brands hoping to capitalise on the recovery will need to adjust to a new set of consumer priorities.
First, the good news. The world’s second-largest high-end retail market after the US is finally expanding again. Although it tripled in size in the five years to 2021, the sector shrank a year later as a result of the sweeping lockdowns that brought major cities like Shanghai to a standstill – and again in 2024 after a property rout sapped consumer confidence, according to Daxue Consulting.