Luxury goods sales in China rose 15.3% year-over-year in the first half of 2023, driven by a surge in film tie-ups between Chinese brands and Hollywood studios, according to a report by Bloomberg Intelligence.
Market Move
The luxury sector has been one of the bright spots in China’s economy, with sales growth outpacing the overall retail market. In 2023, the top five luxury brands in China – LVMH (MC), Kering (PRTP.PA), Gucci-owner Kering, Cartier-owner Richemont (CFR.VX), and Prada Group – saw their combined sales rise by 21% year-over-year to $14.1 billion.
The growth in luxury goods sales has been fueled by a number of factors, including the increasing popularity of e-commerce platforms such as Tmall and WeChat, as well as the growing middle class in China.
