From Jing Daily - Adina-Laura Achim, November 23, 2020

What Happened: China is set to become the world’s biggest luxury goods market by 2025, thanks to Chinese consumers spending more at home and less abroad, according to a Bain & Co. report. Yet, while the personal luxury goods market is on track for its worst fall ever in 2020, China’s insatiable appetite for luxury continues to drive sales on the Mainland.

The post-COVID-19 pandemic economy is in sharp decline, falling 23 percent from its 2019 size to $257 billion (217 billion euros) — a return to 2014 levels. “The drop is the largest recorded since we have been tracking the industry,” says a press release by Bain.

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From JingDaily - Ruonan Zheng, July 1, 2020

For the first time, over 17 Chinese brands made it on the latest BrandZ Top 100 list—ranking the most valuable global brands—which was published on June 30. Alibaba and Tencent ranked 6 and 7 respectively. The lists included a couple new risers, including the technology companies Huawei, TikTok, Meituan, and the luxury spirit brand Moutai, signaling the increasing strength of Chinese homegrown brands. The race among luxury brands is fierce as ever, led by Louis Vuitton, Chanel, Hermès, and Gucci.

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