5 Things You Should Know About China’s Luxury Market

2015 was a tumultuous year for China’s multi-billion dollar luxury goods market. A plunging stock market, crackdowns on overseas luxury goods, and more high-profile arrests under Xi Jinping’s anti-corruption campaign are just a few factors that shook up China’s luxury market in 2015.

According to a new report by Bain & Company, some new trends in the Chinese and global luxury market have emerged. Here are five key takeaways:

Overall, purchases of luxury goods in mainland China decreased by about 2% to 113 billion RMB last year. In particular, men’s wear, watches, suitcases, and handbags have taken a drastic dive. For example, in 2014, luxury brand men’s wear decreased by 10% from 2013; by the end of 2015, the decrease is expected to be 12% from 2014.

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