The luxury market in China is expected to jump by 30 percent in 2023.

The luxury sector is looking to the reopening of China to deliver further expansion in 2023. Luxury groups are focusing on Chinese consumers at home.The gradual reopening of China -- which abandoned the last of the draconian travel restrictions of its zero-Covid policy on January 8 –is expected to help its economy expand by five percent in 2023.

With restrictions having restrained consumption, the reopening of the Chinese economy is being looked at as a growth opportunity for 2023. The pandemic restrictions pushed down the share of Chinese consumers in global luxury spending to 17 percent in 2022 compared with 33 percent before the pandemic.China needs growth and steps are likely to be taken to facilitate economic expansion as the country reopens. One aim is to boost domestic consumption.

So China is often described as a volcano ready to explode. There is expected to be a huge amount of savings that has been built up, an incredible reserve in the hands of the well-off class which wants to purchase luxury goods. However Chinese tourists are not expected to return to Europe, where they traditionally spend heavily on luxury goods, before next year.