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Source: valeria Boltneva (Pexels)
China’s luxury market sees more ‘Very Important Clients’ despite 2022 contraction
VIC sales were higher than the 40% global average, Bain & Company reported.
China’s luxury market recorded higher sales from Very Important Clients (VICs) in 2022 despite the contraction.
In a report, Bain & Company noted that VIC sales in China are higher than the global average of 40%.
Read more: China’s luxury market contracts by 10% in 2022
It also found that VICs who bought more than three times a year accounted for more than 50% of sales.
This comes even as China’s luxury market contracted by 10% in 2022, the first time in five years.
Bain & company explained this is because the decline was recorded amongst entry-level luxury consumers affected by the economic downturn.
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