The New York Times
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.