China's luxury sales volume in 2022 was down 15 percent year on year to 547.5 billion yuan (US$80.32 billion), according to a report from Yaok Institute, a research and consulting organization for high-end lifestyles in China.
While the market in China shrank, more Chinese chose to shop for luxuries overseas with sourcing agents and e-commerce platforms. More than 400 billion yuan were spent on luxury last year outside China. Overall, Chinese people contributed 38 percent of the total luxury market worldwide in 2022.
