China's luxury market drops 18-20% in 2024, returns to 2020 levels

China’s luxury market declined 18-20 per cent YoY in 2024, returning to 2020 levels due to weak consumer confidence and increased overseas spending. Hainan’s duty-free sales fell 29 per cent, while overseas luxury shopping surged, driven by pricing disparities. The Daigou grey market grew 5 per cent, impacting revenues. Bain expects a continued downturn in early 2025, with a stabilisation in H2.

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