February 6, 2024

Happy Chinese New Year – Year of the Dragon

As the Chinese New Year of the Dragon approaches, Chinese consumers await a year that symbolizes authority, prosperity, and good fortune. In fact, 2024 will be the Year of the Wood Dragon, an element that denotes vitality, determination, and ambitiousness, signaling a year of abundance.

This is an auspicious sign for China’s luxury market, which experienced a period of relative restraint, but in our view could be poised for a resurgence. 

The recent slowdown in luxury spending in China – which witnessed a dip in sentiment among Chinese millionaires in the latter half of 2023 – is a worry for many brands. Nonetheless, Chinese luxury buyers still represent a major opportunity for brands, particularly as international travel continues to pick up steam.

What will be the outlook for the Chinese luxury consumer in 2024 – will they be dormant or resilient?

This year at Agility we will continue to track high-net-worth and ultra high-net-worth consumers closely, having conducted hundreds of interviews with them in the past year in custom engagements and speaking to many more in our quantitative studies.

We will also be gauging the pulse of C suite senior executives from the luxury industry with our soon-to-be-released 2024 Luxury Leaders Pulse survey. These will be the latest insights and views on where they see the luxury sector is headed, emerging trends to stay on top of, and which markets are expected to perform the best.

To find out more about our solutions and how we help brands stay ahead and win share of wallet, feel free to reach out to us at Jason@agility-research.com and we can schedule a call with one of our consultants in your city.

We take this opportunity to wish you a successful and prosperous year of the Dragon!

AnalysisCorporateStatistics

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