Mainland China and Hong Kong Luxury Market: Unlock infinite growth possibilities and sustainable value of luxurious lifestyle

April 2024

On 13 April, PwC unveiled its latest report for 2024, titled ‘Mainland China and Hong Kong Luxury Market: Unlock infinite growth possibilities and sustainable value of luxurious lifestyle’. Building on the 2023 report, this edition further reveals the breakthrough strategies for luxury conglomerates to reignite high sustainable growth amidst industry polarisation. 

According to the report, top-tier luxury brands that can offer their core customers the most exquisite, highest standard, and more personalised products & services, along with the utmost delight interactive experiences, will take the lead in the future. Conversely, conservative and lagging brands will encounter business stagnation and may even be phased out.

Luxury brands should strive to be the ‘BEST’ in offerings, management and operations, targeting very important clients (VICs) & 2^nd generation of UHNWIs/HNWIs as their core customers. They should offer ultra-premium and high-value preservation products, as well as highly customised private healing products, and create a multi-sensory experience for luxurious living to pioneer as a ‘VICTOR’ and take the No.1 ‘SLOT’.