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1. #WARNS STAFF GROWTH TO DECELERATE MANDATES SERIES#
2. #WARNS STAFF GROWTH TO DECELERATE MANDATES CRACK#

Therefore, the luxury goods market in China will likely be increasingly influenced by its own dynamics,” it added.īruno Lannes, partner at Bain & Company, said China took up around an additional 1 percent of the global luxury market in 2021, compared to 2020, to 21 percent. “These disparities include demographics, digitalization, retail environment, cultural references and relationship to luxury brands. “After two years of extraordinary growth in mainland China, we expect 2022 to produce more moderate growth,” Bain said, adding that continued sporadic COVID-19 outbreaks throughout 2022 will have a corresponding negative impact on shopping-mall traffic in affected cities.Īt the same time, Bain believes there are increasing differences between Chinese luxury consumers and luxury consumers elsewhere. The total population stood at 1.41 billion at the end of 2021, an increase of 480,000 from the previous year.

#WARNS STAFF GROWTH TO DECELERATE MANDATES CRACK#

The report flagged that the growth might further slow down in 2022.Īll categories saw strong year-over-year increases of between 40 and 100 percent in the first half of the year, while growth throughout the second half of 2021 dipped to an estimated 0 to 25 percent as China began to crack down on the tech, entertainment, real estate and tutoring sectors under the name of common prosperity, as well as sporadic COVID-19 outbreaks in cities across China.Īnother warning sign is that China’s population growth is now at a 60-year low, despite Beijing’s efforts to tackle the issue, such as promoting the third child policy.

#WARNS STAFF GROWTH TO DECELERATE MANDATES SERIES#

and a series of social issues that have made global headlines, China’s domestic sales of personal luxury goods slowed down from a 48 percent increase in 2020 to 36 percent in 2021, totaling nearly 471 billion renminbi, or 74.26 billion, Bain said. LONDON - Riding on the back of 8.1 percent GDP growth in 2021, the highest in the past decade, China’s luxury goods market logged another good year, with strong double-digit growth overall in 2021 and with some brands exceeding a 70 percent increase, the Bain & Company’s annual China Luxury Report revealed on Thursday.īut with rising tension with the U.S.