Chinese middle class is giving up on luxury consumption

https://www.youtube.com/watch?v=ce_tn-HGT84

According to the “2022 China High Net Worth Consumer Insights Report” by Yaoke Research Institute, consumers with a net worth higher than 10 million yuan ($1.37 million) accounted for 73% of the luxury consumption in 2019. But this figure increased to 80% by 2021. —————– #SpotlightOnChina #China #ChinaInsights