BEIJING (China Daily/ANN): China will continue to lead growth in the global luxury goods market, with the boom in the online luxury retail industry especially in lower-tier cities due to growing demand from tech-savvy consumers who tend to pursue exquisite and high-end lifestyles, industry analysts and insiders said.
Spending on luxury goods rose to US$145.7 billion in 2018, up 7% year-on-year, accounting for 42% of the total global luxury goods market of about US$347 billion, according to a report issued by global consultancy Deloitte and Chinese luxury e-commerce company Secoo Holding Ltd.