Driven by a pandemic-fueled lack of travel and more disposable income, the China luxury goods market grew 48% in 2020, doubling the country’s overall share, according to Bain & Company. The upward trend is expected to give China a leading share of 45% of the global luxury market by 2025, outpacing Europe and North America.
SEKO Logistics has acquired New York-based freight forwarder and cross-border ecommerce firm Air-City, Inc. for an undisclosed sum as it looks to expand its shipping capabilities into China and add resources and infrastructure in the critical New York area. A year ago, SEKO acquired GoodShip International Inc. in Chicago.
China and India are the most advanced in terms of cross-border payment technology and providing options to make the process as friction-free as possible, according to data from Worldpay. See what trends are shaping cross-border payments in Latin America and which markets are most popular for U.S. merchants to sell into.