China's luxury market: Challenges from last year to continue into 2025, ‘flattish’ performance forecasted

A new report by Bain & Company has suggested that “China’s luxury market failed to maintain its previous growth trajectory” throughout 2024, after it experienced an "unexpected and sharp deceleration that worsened throughout the year”. In the report, entitled ‘2024 China Luxury Goods Market’, it was stated that the mainland luxury market saw a decline of 18 to 20 percent during 2024, reverting back to 2020 levels due to what Bain recognised as “low consumer confidence and increased overseas spending”.