Research
February 8, 2023
The report details the decline of the luxury market within China, stressing the resiliency of digital business. Image courtesy of Bain & Company
By Emily Iris Degn
Amidst the economic and health crises happening in China, the country’s personal luxury goods have officially lost exponential momentum.
{"ct":"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","iv":"083d5516419fc21a7aa76b5d9377bed4","s":"0922a5e17cb5a707"}
Share your thoughts. Click here