China enters ‘new normal’ for luxury market with flat sales expected in 2025, report says – ET Retail
China’s luxury market declined by 18 per cent to 20 per cent in 2024, marking the end of a period of “exponential growth”, with sales expected to remain flat this year, consultancy Bain and Company said at the launch of its latest ‘China Luxury Report’ on Tuesday. Discretionary items, including personal luxury goods, have been…