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People shopping at duty-free stores in Haikou, capital city of South China's Hainan Province, October 28, 2022. /CFP
China's luxury goods market is on track to reach 816 billion yuan ($112 billion) by 2025, or approximately 25 percent of the global total, according to a report released by PwC China on Thursday.
The Asia-Pacific region continues to drive growth for the global luxury goods market, with China leading the charge and poised to realize its full potential, according to the report.
Offshore duty-free shopping in the southern Chinese island province of Hainan has boosted the country's burgeoning luxury goods market, with offshore duty-free shopping in Hainan accounting for 13 percent of Chinese consumer spending on luxuries in 2021, raking in 49.5 billion yuan, the report stated.
As the Chinese mainland has fully resumed normal travel to and from Hong Kong and Macao, luxury consumption in Hong Kong will gradually embrace a rebound, it said.
"China's luxury market is rapidly recovering from the pandemic with greater strength, resilience and flexibility," said Steven Zhong, ESG strategy lead partner at PwC China.
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Disinformation report hotline: 010-85061466