Abstract
China's luxury market is becoming outstanding in the whole world industry. With the sudden outbreak of COVID-19 at the end of 2019, almost all industries have been affected to a greater or lesser extent. However, China's luxury market recovered rapidly and showed a strong growth trend from 2020-2022, following a brief downturn. Therefore, after analyzing and collecting relevant market reports and industry reports, this paper finds that consumption return, digital transformation, the rise of the new generation of consumer groups, and favorable Hainan duty-free policy can be used as four reasons to explain the rapid recovery and growth of China luxury market under Covid-19. This paper further studied the strategies of international luxury brands to cope with the pandemic situation, such as the change of channels while integrating Chinese elements and the increasing attention to environmental factors. Finally, this paper shows a positive attitude toward the growing trend of China's luxury market in the future. It gives suggestions for the future development of brands and investors in such an industry.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callMore From: Advances in Economics, Management and Political Sciences
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
