In 2020 global luxury consumption decreased by 23%; meanwhile, it increased by close to 50% in China, reaching RMB 346 billion (Bain & Company and Tmall Luxury Division Report).
Interviewed by Erwan Morice on BFM TV, Sandrine Zerbib, Full Jet Powered by Baozun Founder and Chairwoman, listed some reasons to explain this surge in the middle of the Covid-19 crisis, focusing on online luxury shopping:
2. Millennials and Gen Z
Watch the full interview below: