| Abstract: | The growth of high-quality consumption among Chinas expanding and increasingly more discerning middle-class has become a major drawcard for global brands to enter the Chinese market.
China is the only major economy that achieved positive growth during the COVID-19 pandemic last year.At the first China International Consumer Products Expo (CICPE) held in Haikou,Hainan Province in May,top global luxury groups such as LVMH,Richemont,and Kering all had a prominent presence.The global growth of Hublot,a Swiss watch brand under the LVMH Group,is driven mainly by Chinese sales.In 2010,the Chinese mainland market accounted for less than one percent of its global sales,and in 2020 this proportion was closer to 15 percent.According to a research report released by Bain & Company,global luxury sales in 2020 shrank by 23 percent to (∈) 217 billion,compared with 2019. |
