The Yaok Research Institute unveiled the "China Luxury Goods Report" on January 18, forecasting a 12 percent increase in Chinese luxury goods consumption for the forthcoming year. After a robust rebound in 2023, which marked a triumphant return to a trillion RMB market size, the nation's luxury consumption is poised to mirror the global industry's growth rate. Notably, Chinese luxury purchases accounted for 22 percent of the global market, tallying up to 607.7 billion RMB ($95.33 billion) last year.