China is expected to replace the United States as the world’s largest personal luxury goods market by 2030

PricewaterhouseCoopers released the “Report on the Luxury Goods Market in Mainland China and Hong Kong”, predicting that by 2030, China will replace the United States as the world’s largest personal luxury goods market with a market size of US$148 billion.

PwC pointed out that China’s personal luxury goods market will be driven by large-scale intergenerational transfer of wealth, continued development of new consumer groups, vigorous development of experiential consumption and luxury lifestyle, high growth potential in Hainan, and further integration of online services with online services. Further expansion will be driven by factors such as channel improvement and other factors. In the next 30 years, China will have 92 trillion yuan of wealth passed down to the second generation of high-net-worth individuals.

In terms of the Hong Kong market, PwC predicts that the Hong Kong personal luxury goods market will grow at an average compound annual growth rate of 4.5% from 2023 to 2030, reaching HK$125.8 billion in 2030. Among them, the three major categories of luxury accessories with the largest growth are leather products, Jewelry and watches.

Zheng Huanran, Asia Pacific, Mainland China and Hong Kong managing partner of PricewaterhouseCoopers’ consumer market industry, said that Hong Kong still faces a series of challenges this year, including the continued strength of the Hong Kong dollar, which reduces its price advantage, competition from Hainan and Shenzhen, and the future luxury goods industry. The polarization situation will become increasingly obvious.

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