As China’s Sales Slump, Luxury Industry Looks to US Market

NEW YORK, NEW YORK - DECEMBER 20: Zegna’s Chief Executive Gildo Zegna (right) rings the Opening Bell of the New York Stock Exchange (NYSE) as the Italian luxury group goes public through a merger with a U.S. special purpose acquisition company (SPAC) in a deal with an enterprise value of $3.1 billion on December 20, 2021 in New York City. Stocks fell sharply in morning trading with the Dow falling over 500 points. Photo by Spencer Platt/Getty Images

Affected by the COVID-19 lockdown measures, sales of luxury goods in the Chinese market have suffered significant setbacks. Global luxury industry leaders said recently that the booming U.S. market and emerging markets have the potential to help offset the negative impact of the Chinese market.

Before the outbreak of the CCP (Chinese Communist Party) virus pandemic, wealthy Chinese were once the largest consumers of luxury goods in the world. After the pandemic began, Chinese luxury goods buyers could not travel abroad and were forced to shifted their spending from international markets to the domestic one. As a result, China itself became the world’s largest luxury goods market in 2021