Barclays predicts a faster reopening and smooth recovery means that China's luxury sector will grow by 15 percent in 2023.
, a segment often seen as alternative assets that can hold value in an inflationary environment,” according to the report.
In December, Barclays projected China’s gross domestic product growth in 2023 could rise to 4.5 to 5 percent. The International Monetary Fund estimates that China’s GDP will grow by 3.2 percent in 2022. While many luxury watchers are worried that Chinese consumers could reallocate luxury spending budgets to travel and experience post-reopening, Barclays projects that “they may choose to have both.”
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