CNBC: Luxury Brands Have Slashed Expectations For Their China Business This Year

Luxury brands have slashed expectations for their China business this year after the country’s latest Covid lockdowns, according to an Oliver Wyman survey shared exclusively with CNBC.

Premium consumer and luxury goods brands now only expect 3% year-on-year growth in their mainland China business this year, down sharply from an 18% surge they forecast a few months ago, the report said.

“There is a huge doubt about whether the consumer confidence [can] recover quickly, as in 2020 and 2021,” said Oliver Wyman principal Kenneth Chow, citing the firm’s interviews with executives.

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