The luxury goods market in China grew 48% last year as travel disruptions boosted domestic spending, according to a December report from Bain& Co. The consultancy expects this growth will forge ahead, putting the country on track to claim the biggest share of the market by 2025.

Bain analysis “The Chinese are already the first nationality buying luxury goods and will be the first engine for this market going forward,” said Federica Levato, partner at Bain.