ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

China's luxury market tumbles after five-year hot streak

Demand for pricey watches, handbags and cosmetics shrank 10% in 2022

Shoppers line up outside a Shanghai store of French luxury brand Celine at a reopened mall during the pandemic.   © Reuters

HONG KONG -- China's luxury market shrank in 2022, ending a five-year growth streak as Beijing's zero-COVID policies and a slowing economy hurt demand for pricey watches and handbags, a new report says.

Chinese shoppers have long been a crucial market for luxury brands, but sales in the world's second-largest economy last year fell 10% from 2021 levels to 425 billion yuan ($62 billion), according to estimates by consultancy Bain & Co.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more