China’s GDP growth in 2022 ended at 3 percent, lower than the expected 5.5 percent, which has led to an adjustment of the official GDP growth forecast for 2023 to 5 percent. The fashion industry in China serves as a barometer of the country’s economic situation. Despite a decline of 0.4 percent in retail sales of consumer goods in the Chinese market in 2022, Hermès chairman Axel Dumas notes strong demand in China. Jean-Marc Duplaix, CFO of Kering Group, says that there were better than expected sales during the Chinese New Year holiday, which is encouraging. Chinese consumers’ share of global luxury spending fell to 17 percent in 2022 due to the pandemic, but UBS analysts predict that Chinese consumers will be more important to luxury brands in 2023 than in 2019. The rise of Chinese cultural assets and the emergence of local creative talents have attracted international luxury brands to engage in cultural conservation projects, such as Louis Vuitton, Loewe, and Burberry promoting traditional Chinese arts and crafts. The fashion exchange between China and the West goes both ways, with Chinese designers gaining influence in the global fashion industry, as in the case of the rising number of Chinese designers who show their collections at New York, London, Milan, and Paris fashion weeks.
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Model: “Unleashing China’s Possible: A Progressive Outlook at the Marketplace in 2023”
