Retrieve customer values for growth and sustainability in Greater China's luxury market

Steven Zhong, Rebecca Silli, Sheila Zheng, Michael Cheng, Jennifer Ye

PwC analysis points out that with tourism and social activities in the mainland and Hong Kong gradually on the right track, the size of China's luxury market is estimated to reach RMB 816 billion in 2025, which will account for about 25% of the global luxury market share.
  • Global, forward-looking luxury trends influencing the Greater China market are: exclusivity, integration, circularity and using the metaverse to enhance, and even overturn, consumer experiences.
  • China's luxury market is expected to regain growth with pandemic-enhanced opportunities; most luxury categories still have low online penetration rates.
  • HNWIs in mainland China, known as the '0.3% True Luxe', prefer to invest in premium luxury products and haute couture, valuing exclusivity, scarcity, distinction and mystery; one implication is to service them with customisation, high-frequency 360° touchpoints for first-hand information, and culture capital aligned with their preferred styles.
  • For the post-90s who are rising contributors to...

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