Bain & Company data shows that despite global social and economic changes, China's luxury goods market still recorded double-digit growth, and some brands exceeded 70%. In 2021, sales reached RMB 471 billion, rising by 36% after 48% in 2020, nearly doubling during the two years of the global epidemic crisis. Bruno Lannes, a partner at Bain & Company, the author of the report, pointed out that from 2020 to 2021, China's global share of the luxury market will increase from 20% to 21%. "We expect growth to continue, making China the country's largest luxury goods market by 2025." The growth rates of major brands vary greatly, ranging from 10% to 70%. Leather goods grew the fastest, at about 60%, followed closely by fashion and lifestyle products at 40%. Jewelry growth was lower than in 2020, but still 35%, while brand-name watches increased by 30%. The consumption of high-end beauty products is about 20%.