The pandemic related suspension of international travel resulted in an increase in domestic Chinese luxury shopping. BCG’s Veronique Yang tells The New York Times that although approximately 70% of Chinese luxury spending used to happen in the overseas market, that figure fell to around 30% in 2020, as “Chinese people have started to purchase within the domestic market.” Growing at 17.1%, the export of Swiss watches to mainland China was the only market industry to increase from January to November of 2020.