Event report
Past Event| Outlook 2023: Eyes on the Chinese Retail & Luxury Market
Thank you to our esteemed speakers, Fabienne Pellegrin, Partner at LBB Asia, and Josh Gardner, CEO & Co-Founder of Kung Fu Data - China Digital Enabler for this insightful session about the reopening of China, the impact on consumer behaviour and the outlook for Luxury Brands and retailers to perform on the Chinese market in 2023.
Our experts shared their unique insights and experiences. Some key points were highlighted:
- China's reopening has not yet brought about the swift economic rebound that many were hoping for
- Mass infection plagued the country immediately following reopening, leading to a decrease in consumer spending and a slower return to normal than anticipated
- While citizens are looking forward to reuniting with family and friends and resuming travel, many are cautious and waiting until Covid infection rates drop before completely resuming normal activities
- While Q1 2023 may be slow, demand will likely rebound by the end of Q2 and overall growth is expected in 2023
- For Western luxury brands there will be a renewed opportunity to capture Chinese spending
For more information about Retail & Luxury Committee, please contact Coralie Vincens cvincens(@)fccsingapore.com
