As the pandemic continues to alter every part of life, there are a few emerging trends taking place in China in the world of luxury items. China has become a bigger market for luxury brands; more luxury brand items are now sold online than ever before, and luxury has become local. A local luxury for me has been screaming into my Tempurpedic 900 thread count pillow. It’s the best sleep I’m definitely not getting.
The consultancy, Bain & Co., expects China to be the only region to generate positive growth in luxury sales this year. The luxury market has grown 45% year-over-year to reach $52.2 billion. Meanwhile in America, the world’s largest luxury market, fell 27% year-over-year. Bain estimates that China will overtake America as the world’s biggest luxury market by 2025, accounting for about 50% of global luxury market sales by then.
With many consumers shifting to online shopping this year, online sales for luxury goods represented 23% of total purchases, nearly double from 2019. Farfetch Limited is a leading global e-commerce platform for high-end fashion and accessories. Farfetch reported revenue of $438 million in the third quarter, representing year-over-year growth of 71%. Jose Neves, the CEO, and founder recently said: “We’re witnessing a paradigm shift in the way people buy luxury. The luxury industry will not go back to the same normal as we did with pre-Covid-19.”
And I’m getting in on the covid-19 luxury trend, with luxury PPE. Luxury masks, hand sanitizer, and luxury bleach. It’s bleach with diamonds in it. You can’t really see them but you’ll know you’re scrubbing with the finest. And it can be yours for the low low price, of $1.8 million, and shipping and handling is on me! That’s a steal. I’ve invested way too much into this idea, please buy it.
