China news | Luxury stores shifted strongly to Asia and the Pacific.
The pandemic and the recovery of the Chinese economy have quickly moved luxury stores from the US and Europe to the Asia-Pacific.
The global adoption of the Covid-19 blockade has had a huge impact on plans to open upscale stores in the first half of 2020. But since the third quarter, this market, according to Savills reports received a strong recovery in the number of physical stores, surpassing the quarterly average.
The Asia-Pacific currently accounts for 38.9% of the total global market share in luxury store launches from the beginning of the year to October. This is higher than in 2019, as the Asian region’s market share. Pacific Ocean is only 31.8%. Thus, this is the first year the Asia-Pacific market surpasses Europe.
In contrast to Asia, the global luxury market is expected to decline by as much as 45% year-on-year, as Europe and the US continue to be affected by the Covid-19 epidemic, the prolonged economic downturn and job instability.
Retailers are focusing their focus on Asia-Pacific markets, especially China. The country accounts for 18.8% of the total global share in new store openings by 2020, well above the previous three-year average of 6.4%. China also recorded a 64.7% increase in high-end store openings compared to 2019, becoming the only major market with growth during this period.
Many retailers have taken advantage of 2020 to expand their presence, opening physical stores across China. This meets the demand for luxury goods at a time when most Chinese tourists cannot travel and shop in famous cities such as London, Paris or Milan.
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