The IMF expects the global economy will reach nearly $104 trillion by 2022. According to the "US$100 trillion world economy" in one chart, four countries US ($25.3 trillion), China ($19.9 trillion), Japan($4.9 trillion) and Germany ($4.3 trillion), made up over half of the world’s economic output by GDP in nominal terms. (https://www.visualcapitalist.com/100-trillion-global-economy/)
China’s consumer spending sees a rebounding. Retail sales increased by 3.1% YoY in June. Consumer spending in China will still be the first to take the hit, and consumers in tier 2-3 who consume luxury goods are increasing.
Source: http://www.stats.gov.cn/english/PressRelease/202205/t20220517_1857530.html
China’s luxury personal goods market is reported to hit a double-digit growth of 36% YoY in 2021, which saw an apparent shift toward digital engagement methods between luxury customers and luxury brands. Some global luxury brands are accelerating this trend by entering the metaverse world and using live engagement to connect with the local Chinese young consumers. Hence, we’ll see a more comprehensive digitized style to win the hearts and minds of Chinese consumers.
Source: https://www.bain.com/insights/a-year-of-contrasts-for-chinas-growing-personal-luxury-market/
