Xing Weiwei News Today

© Provided by Xinhua HAIKOU, Feb. 17 (Xinhua) -- Recent reports suggest that China luxury market is expected to usher in a rapid recovery in 2023, fuel

Chinas luxury market poised for swift rebound in 2023-

HAIKOU, Feb. 17 (Xinhua) -- Recent reports suggest that China luxury market is expected to usher in a rapid recovery in 2023, fueled by factors including a surg

© Provided by Xinhua HAIKOU, Feb. 17 (Xinhua) -- Recent reports suggest that China luxury market is expected to usher in a rapid recovery in 2023, fuel

K11, a subsidiary of New World Development, said it plans to build 21 new projects nationwide by fiscal 2026, with a business focus on the Guangdong-Hong Kong-Macao Greater Bay Area, as the company is bullish on the growth potential of consumer spending.

International luxury brands have debuted limited editions of products specially tailored for China ahead of Qixi Festival, or Chinese Valentines Day, on Thursday, to attract more Chinese consumers and make further investments in the country in line with localization strategies.

Buoyed by the free trade port under construction and business-friendly events, Hainan has emerged as a bright spot on the global consumption map, creating a sizable market for luxury goods－and top brands are keen to exploit the opportunity to further tap into the China market, business leaders said.

Around 21 percent of the global consumer spending on luxury goods came from the Chinese mainland in 2021 and China is expected to become the worlds largest luxury market by 2025, according to the global management consulting firm Bain & Company.

SHANGHAI, Jan. 21 (Xinhua) -- Around 21 percent of the global consumer spending on luxury goods came from the Chinese mainland in 2021 and China is expected to