LONDON — Everybody wants a slice of China’s booming luxury and fashion market, especially after the coronavirus put a stop to many businesses around the world.
It’s indeed fascinating to hear stories about how loyal Chinese consumers would queue outside Chanel and Hermès stores moments after the pandemic was contained and spend a record-breaking sum of money on high-price items, and how Burberry’s 100 limited-edition Pocket Bags in collaboration with Mr. Bags sold out within seconds on his WeChat mini-program.
McKinsey predicts Chinese consumers will account for 40 percent of the world’s luxury spending by 2025, but the growing demand is likely to be trapped in the country until 2021 due to pandemic disruptions. Because of this, China’s retail market is expected to overtake the U.S. and become the world’s largest as early as this year.
But the reality is far