Part 3/9:
Analysts suggest that the luxury boom in China may be reaching its endpoint. Once the leading growth engine for the luxury sector, China's market had sales soaring into the tens of billions of dollars. However, the pandemic fundamentally altered consumer habits, shifting luxury spending predominantly within China's borders due to international travel restrictions. This shift intensified the luxury industry's reliance on the Chinese economy, which is now experiencing a downturn, leading to contractions in the global luxury market.