Merchandising

China doubles its share of the global luxury market

Photo by istock.com

December 30, 2020

Thanks to millennial and Gen Z shoppers, China has doubled its overall share of the global luxury market in 2020 and is on track to become the largest in the world in just five years.

Its market share will grow by 48% this year, according to a MarketWatch report citing data from Tmall and Bain & Company. Tmall is the Alibaba shopping platform.

While China's market share doubled, the overall global luxury market shrunk by 23% this year.