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International luxury brands have debuted limited editions of products specially tailored for China ahead of Qixi Festival, or Chinese Valentine's 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 world's 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