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.
