Saturday, December 14, 2024 MDRi, a leading provider of business insights, has released its China Luxury Consumer Forecast 2025, providing an in-depth analysis of luxury consumption trends across Mainland China and Hong Kong. This comprehensive report highlights a luxury market in transition, influenced by economic factors, evolving consumer preferences, and the increasing influence of younger generations. The report identifies Mainland China as a dynamic hub of growth, with 56% of luxury consumers planning to increase spending in 2025.
In contrast, only 48% of Hong Kong consumers share this sentiment, reflecting a more cautious outlook influenced by economic uncertainty and geopolitical tensions. The divergence showcases the differing trajectories of these markets as brands navigate these complexities to target high-value customers effectively. In Mainland China, the strongest growth areas include high-end jewelry, handbags, and luxury travel experiences, with nearly 60% of consumers planning to allocate a larger share of their budgets to travel in 2025.
Conversely, Hong Kong’s market is showing signs of polarization, with over 10% of luxury consumers reducing spending in categories like handbags (9%) and travel (4%). Also Read: Azerbaijan, Bahrain, Belarus, Brazil, China, Egypt, Ethiopia, India, Iran, Kazakhstan, Oman, Qatar, Russia, Saudi Arabia, South Africa, UAE and Uzbekistan Meetings and Events Industry Leaders to Convene in Moscow for Landmark Congress A major trend.
