The luxury market on the mainland China

Chinese consumers are expected to shop for more overseas high-end products at domestic duty-free stores, thanks to the growing demand for such products and the ongoing restrictions on outbound travel, experts said.

Indications that the duty-free shopping sector in the country is ready to ride the trend are evident from the duty-free outlet plans of various provinces and cities. Duty-free shopping outlets enable inbound and outbound tourists to purchase duty-free goods from specific retailers in certain areas, without paying value-added tax on imports or the consumption tax. Normally they are located at offshore locations, ports or in the cities.

Spending on luxury products has rebounded in China after the slow start due to COVID-19 lockdowns, with more Chinese consumers preferring to make the purchases at domestic outlets due to travel restrictions.

Chinese consumers are most likely to remain cautious about international travel even after the pandemic ends. As a result, most luxury brands believe that domestic growth will likely continue in 2021 at about 30 percent. The luxury market on the mainland is likely grew by 48 percent to 346 billion yuan last year

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