China accounts for about one-third of the world’s multi-billion dollar luxury goods sector, but about 90% of those sales take place in-store, and as much as half of China’s luxury spending takes place outside the Mainland. With tech-savvy Chinese millennials accounting for 70% of luxury spending and lower-tier cities emerging as an important growth driver (but where luxury houses have a limited offline footprint), there is reason to be optimistic about luxury e-commerce’s growth prospects in China.
The global personal luxury goods market is expected to grow from RMB 2.4 trillion in 2018 to RMB