HONG KONG -- China nearly doubled its share in the global luxury market to 20% this year, compared with major declines elsewhere around the world, as the coronavirus pandemic forced Chinese shoppers to buy locally, according to a new report.
For years, international luxury brands have depended on travelers from China for sales growth. Before the outbreak curbed travel, 70% of these Chinese consumers made purchases overseas because the same goods cost more domestically due to tariffs.
