China is home to one of the world's biggest luxury markets, and it's starting to make a comeback after the country's 3-year COVID lockdowns
However, Wu's comments echoed Bain's positive outlook for China's luxury market.
"Luxury consumption will recover as Covid subsides, mall traffic improves, and consumer sentiment rebounds. We expect to see 2021 sales levels sometime between the first and second half of 2023,", a Hong Kong-based partner at Bain & Company, said in the consultancy's February report.China's consumer price index, or CPI — the monthly change in prices paid by consumers — showed bleak data for March.
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