Shares in global luxury goods groups, which rely heavily on Chinese shoppers, rose on Tuesday after Beijing further relaxed some COVID restrictions that had been in place for the past three years, fuelling hopes of a full-blown reopening soon.
China, which is gradually moving away from a strict zero-COVID policy that battered its economy, kept consumers indoors and sparked a wave of public discontent, accounts for 21% of the world's 350-billion euro luxury goods market, behind North America and Europe.
It is expected to become the top market for the industry by 2025 and already generates about 35% of annual sales at Gucci, French group Kering'sWith Europe facing an energy crisis and the U.S. economy also cooling due to higher interest rates, China is looking to a recovery next year and the luxury world is hoping to take advantage of that.
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