China is the only big economy predicted to develop this year, according to Reuters’ sales reports focused on global luxury markets dependent on Chinese buyers. In addition to e-commerce and shop launches, premium brands double investments in the Chinese industry. They also plan sumptuous activities to lure customers. Virgil Abloh, Louis Vuitton designer of men’s wear, hosted a fashion show Spring / Summer before a live audience last month in Shanghai. Also in Shanghai last week, Prada hosted private showing of his new collection. Prada ‘s revenues in China soared 60% in July and 66% in July, while in a few weeks since March, the revenues of Louis Vuitton and Dior have doubled. In 2020 , China accounted for almost half the world’s high-end spending on products, 37% last year, according to McKinsey & Company. According to the consultancy Bain, however, global gross luxury expenditure will decrease by 35 % compared with last year’s $300 billion.
The Chinese government has long been trying to put home some of the capital its people splashed abroad. In 2018, it cut import duties, while encouraging luxury brands to drop their Chinese costs. This year in Hainan, the volume of duty-free shopping allowed to be increased from 30 thousand yuan to 100 thousand yuan ($14,650), and the form and quantity. With various luxury buyers, China skews younger from 25 to 35 años. Its revolutionary services such as livestreaming enabled luxury brands to communicate with shoppers more directly.
