For the first time in five years, China's luxury market has contracted, with watches experiencing the greatest decline and jewellery falling the least, according to a recent report by Bain & Company.
The luxury goods market in China declined by 2% in 2022, with watches being the hardest hit, experiencing a decrease of 8%. Meanwhile, jewellery only fell by 1%.
The contraction is attributed to the Chinese government's crackdown on corruption and lavish spending, as well as a slowdown in economic growth. Despite the decline, China remains the world's second-largest luxury market and a key player in the industry. Bain & Company predicts that the market will bounce back and grow by 3-5% in 2023.
In summary, China's luxury market has contracted for the first time in five years, with watches experiencing the greatest decline and jewellery falling the least, according to a recent report by Bain & Company.
Highlight: "China's Luxury Market Contracts by 2%: Watches Down 8%, Jewelry Falls 1%"
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