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"China's Luxury Market Contracts: Jewelry Falls Least, Watches the Most"


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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