China is expected to overtake the US as the world’s largest personal luxury market by 2030 with a market size of US$148 billion (HK$1.15 trillion), according to a report by PricewaterhouseCoopers.
PwC noted that the global personal luxury market is recovering steadily and expected to reach US$464 billion by 2025.
It is anticipated to further increase to US$606 billion in 2030, growing at an average annual rate of 6 percent.
With massive intergenerational wealth transfer, new customer exploration, the boom of experiential and luxurious lifestyles, high growth potential in Hainan and further improved online services and offline channel expansion, China is expected to replace the United States as the biggest market.
For Hong Kong, PwC forecasts a compound annual growth rate of 4.5 percent in the city’s personal luxury market from 2023 to 2030, reaching HK$125.8 billion by 2030, which will be powered by three categories: leather goods, jewelry and timepieces.
Meanwhile, the report noted that sustainable consumption has become a global focus as more than 40 percent of global consumers are willing to pay a 10 percent premium for products and services that incorporate environmental, social and governance aspects.
Hong Kong United Times丨香港聯合時報丨HKUT 