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1、Ongoing Covid-19 restrictions and economic uncertainty caused the first personal luxury market decline in five years.Setting a New Pace for Personal Luxury Growth in ChinaCopyright 2023 Bain&Company,Inc.All rights reserved.This work is based on secondary market research,analysis of financial informa

2、tion available or provided to Bain&Company and a range of interviews with industry participants.Bain&Company has not independently verified any such information provided or available to Bain and makes no representation or warranty,express or implied,that such information is accurate or complete.Proj

3、ected market and financial information,analyses and conclusions contained herein are based on the information described above and on Bain&Companys judgment,and should not be construed as definitive forecasts or guarantees of future performance or results.The information and analysis herein does not

4、constitute advice of any kind,is not intended to be used for investment purposes,and neither Bain&Company nor any of its subsidiaries or their respective officers,directors,shareholders,employees or agents accept any responsibility or liability with respect to the use of or reliance on any informati

5、on or analysis contained in this document.This work is copyright Bain&Company and may not be published,transmitted,broadcast,copied,reproduced or reprinted in whole or in part without the explicit written permission of Bain&Company.Authors and acknowledgmentsBruno Lannes is a senior partner with Bai

6、n&Companys Consumer Products and Retail practices and is based in Shanghai.You can contact him at .Weiwei Xing is a partner with Bain&Companys Consumer Products and Retail practices in Greater China and is based in Hong Kong.You can contact her at .The authors are grateful for all those who contribu