What will be the effects for the Chinese luxury sector of inflation combined with the severe lockdown over the last two months? A recent study from Daxue Consulting provided some answers.
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Daxue Consulting reported on June 1st that Chinese consumers have cut back on non-essential spending and uncertainty is driving up savings. In March 2022, retail sales in China fell by 3.5% and then by 11.1% in April (annual change). This was the biggest drop since March 2020, down by 15.8% during the first wave of Covid-19.
The luxury sector has been severely hit, especially beauty, fashion and jewellery (see table). According to Daxue, the growth of the luxury market is e
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