After months of health restrictions, a report by Global Blue and Gusto Collective has revealed that 92% of Chinese buyers of luxury products plan to travel internationally this year, with Paris being the top destination. The report, titled “From Insights to Actions: A blueprint for capturing the return of Chinese luxury shoppers,” analyzes the retail opportunities related to the Chinese luxury clientele and highlights their travel intentions, which could boost the growth of luxury brands. The study shows that 90% of buyers intend to make as many or even more purchases than before the Covid-19 period, indicating a strong resurgence in Chinese consumer spending.
This resurgence is eagerly awaited by luxury brands that have been impacted by the health crisis in China, such as the AEFFE group and Richemont. Chinese buyers accounted for 21% and 17% of the global luxury personal goods market in 2021 and 2022, respectively, according to Bain. This rate is expected to reach 40% by 2030, indicating the growing importance of the Chinese market in the luxury industry.
The recovery in consumption is expected to be driven by Chinese shoppers shopping abroad, particularly in Europe. Brands are encouraged to capitalize on this pent-up demand for shopping abroad as Chinese buyers make up for lost time. However, the industry now faces the challenge of adapting to the new trends and expectations of Chinese customers after months of health restrictions.
Overall, the report suggests that the return of Chinese luxury shoppers presents a golden opportunity for luxury brands to boost their sales and regain lost ground. Brands will need to understand the changing preferences and behaviors of Chinese consumers and tailor their strategies accordingly to capture this growing market.
Useful links:
– Global Blue
– Gusto Collective
