China Luxury Market Still Lags Previous Heights Despite ‘Solid’ Gains in 2023

China’s luxury market last year failed to recover to 2021 levels amid a slowdown in economic growth and as more consumers made purchases overseas, but a modest pick-up from the previous 12 months has inspired optimism among major luxury houses, according to a new report and brand forecasts.

The sector grew 12% year-on-year in 2023, indicating a recovery from the previous year’s pandemic-induced decline, consultancy Bain & Co. Inc.’s latest report about the market shows.