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  "documentTitle": "The State of Luxury January 2025",
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  "notes": "The chart illustrates a significant shift from international to domestic spending post-2019, with a gradual recovery of international spend projected through 2025.",
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      "text": "As of May 2024, recovery of Chinese shoppers was still well below 2019 levels in key luxury markets (e.g., Japan, Europe). International spend of Chinese shoppers abroad is expected to increase 12-17 ppts over 2023-25",
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      "text": "As of May 2024, recovery of Chinese shoppers was still well below 2019 levels in key luxury markets (e.g., Japan, Europe) International spend of Chinese shoppers abroad is expected to increase 12-17 ppts over 2023-25",
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      "text": "Domestic (mainland China) vs. international personal luxury goods spend by Chinese consumers, 2019 – 2025E, % of total spend",
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      "kind": "source-note",
      "text": "1. Company growth estimates for Asia market excluding Japan. Source: McKinsey analysis, McKinsey Global Institute, Global Blue, expert interviews, company reports, press search",
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      "text": "China’s GDP deceleration, paired with changing clients’ preferences, is challenging growth",
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