China’s consumers spent $73.6 billion on luxury goods at home last year, up 36% from 2020

Chinese consumers are spending more on luxury goods at home, even if they can’t easily travel abroad due to pandemic-related restrictions, consultancy Bain & Company said in its annual report on the luxury sector. Sales of personal luxury goods in mainland China rose by 36% to 471 billion yuan ($73.59 billion) in 2021 from the prior year, according to Bain estimates released Thursday. That’s more than double the 234 billion yuan in luxury goods spending on the mainland in 2019.
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