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T omorrowmorning’s TFWA Workshop – ‘Market Watch: China’ will feature some compelling insights into the Chinese luxury market courtesy of Dr Tina Zhou, Co-founder and CEO of Yaok Group and Dean of Yaok Institute. Zhou explains that 2024 was the first truly post-pandemic year for the complete luxury goods market. “Despite more global political and economic uncertainties and overall weak consumption, the global luxury goods industry still achieved a 3% growth, with a market size of 2804.9 billion yuan.” YAOK Institute predicts that 2025 will be a difficult year for the luxury goods industry. “Although the global luxury goods market is expected to maintain single-digit growth driven by consumption upgrades, with an estimated growth rate of around 3%, several leading luxury goods groups may experience negative growth for the first time,” says Zhou. “New categories and brands will become the main source of sales growth for the global luxury goods industry.” YAOK Institute predicts that in 2025, the Chinese luxury market will decline by about J ingzhi Media Group Founder & CEO Charlie Gu is a recognised expert in cross-cultural marketing and Chinese consumer behaviour, championing China’s rich culture of craftsmanship and innovation. He will share what promise to be compelling insights in tomorrow morning’s TFWA Workshop – ‘Market Watch: China’. “China’s consumers are writing a new script for travel retail — one where experience outranks ownership,” says Gu. “Today’s Chinese travellers crave meaning over material. The boom in the travel sector will be driven by two powerful forces: Gen Z and the often-overlooked ‘Silver Generation’, combining wealth, wisdom, and wanderlust. Make no mistake: China has entered a neo-luxury era, where true refinement is measured not by price tags, but by cultural Helping global brands understand the real ities of China’s luxury market “China’s consumers are wr i t ing a new scr ipt for trave l retai l ” Dr Tina Zhou, Co-founder and CEO of Yaok Group and Dean of Yaok Institute: “Although the global luxury goodsmarket is expected to maintain single-digit growth driven by consumption upgrades, with an estimated growth rate of around 3%, several leading luxury goods groupsmay experience negative growth for the first time.” Charlie Gu, Founder &CEO, Jingzhi Media Group: “Today’s Chinese travellers crave meaning overmaterial. The boom in the travel sector will be driven by two powerful forces: Gen Z and the often-overlooked ‘Silver Generation’, combiningwealth, wisdom, and wanderlust.” 3% compared with that in 2024, and still be close to a trillion yuan market size. “However, the Chinese luxury market is expected to continue to maintain a negative growth, which is expected to be about -5%, and will appear in China for the first time,” Zhou comments. “The online luxury consumption is greater than the offline luxury consumption. The online increase brought by store digitalisation is the main source of luxury consumption increment.” Zhou looks forward to sharing more in the TFWA Workshop – ‘Market Watch: China’ to “let global brands understand the real Chinese market and Chinese consumers, and enable Chinese consumers to enjoy more and better products and services from around the world.” resonance and personal enrichment.” Gu notes that, today, offline retail must perform like theatre – delivering surprises and delights that digital shopping cannot replicate. “Brands must craft immersive experiences – at home, on the road, and even in transit lounges. Storytelling is non-negotiable: Chinese consumers invest in brands that offer meaning, identity, and values beyond the product.” Travel retail is standing at a thrilling crossroads. “The thirst for travel is roaring back, but unless we radically reimagine the travel experience, we risk losing an entire generation of consumers,” Gu explains. “I’m excited to explore bold ideas and creative collaborations that can redefine travel retail for a new era. I’m also eager to learn from the success stories emerging across Asia’s dynamic markets. And given the uncertainty fuelled by tariffs, especially affecting North American travel, Asia’s primed to seize an even bigger opportunity. The next decade belongs to those who innovate fearlessly in this region.” Monday 12 May 2025 12 T F W A D A I L Y