Big luxury brands are now investing more in the shopping experience in China.
and local prices falling. Just as importantly, big luxury brands are now investing more in the shopping experience in China.
Before the pandemic closed borders early in 2020, Chinese shoppers bought 70% of their luxury goods abroad. Many luxury companies such as LVMH’s Louis Vuitton and Coach parent Tapestry doubled down in China over the past three years, opening new flagship stores and hosting large fashion shows to reach consumers unable to go abroad.
Oliver Wyman’s Kenneth Chow says that half of Chinese consumers who bought luxury in 2021 were doing so for the first time. Hainan’s popularity is expected to continue, Roland Berger’s Yan says, as only 13% of Chinese citizens have a passport, making a tax-free domestic destination enormously attractive.
Luca Solca, senior research analyst at Bernstein, said brands will continue working to narrow cross-border price differences, though efforts are further complicated by currency depreciation against the dollar.
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