China’s Luxury Market Contracts for First Time in Five Years

China’s luxury market contracted 10% in 2022, ending a five-year streak of growth as Beijing’s “zero-Covid” policy and a slowing economy hit spending, Bain & Co. said Tuesday in a report.

Repeated Covid-related lockdowns starting in the second quarter curbed travel and consumption, with shopping mall traffic falling by 30% to 35%, the management consulting company said.