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5 hours ago | CNBC
China's consumers spent $73.6 billion on luxury goods at home last year, up 36% from 2020
BEIJING — Chinese consumers are spending more on luxury goods at home, even if they can't easily travel abroad due to pandemic-related restrictions, consultancy Bain & Company said in its annual report on the luxury sector.Sales of personal luxury goods in mainland China rose by 36% to 471 billion yuan ($73.59 billion) in 2021 from the prior year, according to Bain estimates released Thursday. That's more than double the 234 billion yuan in luxury goods spending on the mainland in 2019, before the pandemic.The growth in luxury goods sales comes despite a slump in Chinese retail sales overall since the pandemic began in 2020. The data also reflects the growth of China's domestic market as a destination for international brands.