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.
Retail
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
Read Next
.jpg?width=178&fit=cover&gravity=faces&dpr=2&quality=medium&source=nar-cms&format=auto&height=100)
Latest on Retail
