Bain Tag

LONDON — With waves of tense lockdowns and rounds of crackdowns on the tech, real estate and entertainment sectors in 2022, China’s personal luxury sales contracted for the primary time in five years, a Bain report published Tuesday revealed. The “Setting a Recent Pace for Personal Luxury Growth in China” report estimated that spending in the private luxury space in China shrank by 10 percent in 2022. Just about all luxury categories were impacted, but those with higher online penetration, similar to luxury beauty, performed higher than those with a smaller online presence. The report said the watch market saw the sharpest decline, with sales falling by 20 percent to 25 percent from 2021. Fashion and lifestyle categories saw a 15...