Taiwan leads Hong Kong in luxury for first time
A recent report by market research firm Euromonitor International suggests that while Hong Kong’s personal luxury market contracted from $11.7 billion to $6.8 billion between 2019 and 2020, Taiwan’s grew from $7.2 billion to $7.5 billion during the same period.
Luxury sales in Taiwan continued their growth throughout the pandemic due to covid-19’s limited impact on the Taiwanese market, Euromonitor said, whereas Hong Kong’s market struggled in the wake of covid, political unrest and a subsequent lack of mainland Chinese tourists, all of which had a negative effect on personal luxury spending.
Data from the report also suggested that mainland China overtook Japan as Asia-Pacific’s leading personal luxury market between 2019 and 2020.
According to Euromonitor, China and South Korea are leading the region’s post-covid-19 recovery. The firm expects both countries to see sales growth reach pre-pandemic levels by 2021.
Sales of personal luxury in China, meanwhile, are forecasted to account for 41% of all personal luxury spending in Asia-Pacific by 2025.
