Parfums Christian Dior unveiled its World of Pure Beauty pop-up Oc.2019 in the island of Hainan (southern China), image from LVMH
Nov.27.2020, Shanghai
Source: Business Times, LVMH, Hermès, Tiffany & Co., Savills Research, Vogue Business, Internet
“For a number of years, Asia-Pacific has provided luxury brands with a key contribution to their global business,” says Anthony Selwyn, Head of Savills Prime Global Retail Team. “Now, the region is experiencing a positive recovery to Covid-19, stimulating further aggressive expansion and investment.”
In the historic years, luxury goods retail sales in the Asia-Pacific region grew significantly, driven by growing sales in emerging luxury markets., Bain expects Chinese local spend to account for up to 28% of global luxury consumption by 2025, up from 11% in 2019, this year from January to October 2020, APAC won 38.9% of global luxury store openings, it's the biggest share compared to other regions, although with the impact of the Covid-19 pandemic. Especially, China has a 64.7% growth in luxury store openings compared with 2019, the only major market which reported positive growth over this year.
Source: Business Times, LVMH, Hermès, Tiffany & Co., Savills Research, Vogue Business, Internet
“For a number of years, Asia-Pacific has provided luxury brands with a key contribution to their global business,” says Anthony Selwyn, Head of Savills Prime Global Retail Team. “Now, the region is experiencing a positive recovery to Covid-19, stimulating further aggressive expansion and investment.”
In the historic years, luxury goods retail sales in the Asia-Pacific region grew significantly, driven by growing sales in emerging luxury markets., Bain expects Chinese local spend to account for up to 28% of global luxury consumption by 2025, up from 11% in 2019, this year from January to October 2020, APAC won 38.9% of global luxury store openings, it's the biggest share compared to other regions, although with the impact of the Covid-19 pandemic. Especially, China has a 64.7% growth in luxury store openings compared with 2019, the only major market which reported positive growth over this year.
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