China’s Appetite for Luxury Is Back

Despite a sluggish increase in China’s overall retail sales in the first half of the year, Chinese consumers have been a major driving force behind growth in the global luxury goods market.

A number of multinational companies with high-end brands reported strong year-on-year revenue growth in the Asia-Pacific region excluding Japan in the period, boosted by the reopening of China’s economy after almost three years of strict Covid-19 controls.