China’s luxury goods market has nearly doubled this year, as consumers had to spend cash inside the country due to the Covid-19 outbreak. The market is set to expand further to become the largest in the world.
Despite a rocky start to the year, during which the Chinese government had to impose a strict lockdown to contain the spread of the virus, the domestic luxury goods market has not only recovered in 2020, but also managed to expand. According to a report published by consultancy firm Bain & Co. and Tmall, an online retail platform operated by Alibaba, the Chinese luxury market is set to grow 48 percent this year and reach 346 billion yuan ($53 billion).
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