Big data changes life

  Reflecting on the challenges and changes from 2022, 2023 is a year full of opportunity and possibility as China undergoes a full revival. Since 2019, the luxury market landscape has evolved drastically through years of localized operations and digitalization. Chinese luxury consumers are now more closely connected with the domestic market, ensuring its resilience and steady growth over the coming years. 

  The luxury market in Chinese mainland has slowdown over the last 12 months with a sharp decline of annual growth rate from 20% to 1%. However, it doesn’t mean that all segments of the market were static. In fact, different consumer segments' spending change varied greatly: “light spenders” spent much less while “medium and heavy spenders” continued to increase spending. Brands should pay attention to these market trends.