Since China reopened its borders in January, the recovery of mainland Chinese shoppers has been steadily improving, with a recovery rate of 22% for consumption in the European mainland region and 27% for consumption in the Asia-Pacific region.
Duty-free shopping recovering in Asia Pacific and Europe
COVID-19 pandemic has reshaped people’s perceptions of health, with more focus on introspection, science, and being more eco-friendly by caring more about their surroundings and earth and seeking meaningful, effective health solutions.
The Deloitte report predicts that in the future, more brands will expand their second-hand product sales channels and buy back rare and discontinued watches from third parties.
Although the overall growth is on the rise, the performance fell short of the previously expected growth of 6-8%.