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Awards Luxury shame
Despite a significant rebound, the market has not yet reached its 2021 levels. The economic climate and increased overseas shopping have tempered recovery. Additionally, uncertainties remain about the pace of consumer confidence recovery and the evolution of international luxury shopping.
China has a high luxury market-to-GDP ratio of 2.4% with a relatively low GDP per capita of around $13,000, driven by rapid income growth and a status-conscious culture, according to Natixis China Luxury Consumption Index.
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