Analysis-Prestige beauty outpaces high-end bags as China’s luxury spending evolves
Analysts say 37% of affluent Chinese shoppers plan to spend more on prestige beauty, while only 4% expect to buy more leather goods.
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China’s Luxury Market Is Stabilizing—But Changing Consumer Psychology Will Shape Its Future
After a recent downturn, the China luxury market is stabilizing, but growth remains elusive. To return to growth, luxury must align with changing consumer psychology.
Analysis-Prestige beauty outpaces high-end bags as China’s luxury spending evolves
By Casey Hall and Dominique Patton SHANGHAI/PARIS, Aug 4 (Reuters) - For Chinese consumers seeking luxury, prestige skincare is trumping designer bags as a prolonged property downturn and weaker confidence make price tags ever more decisive, even for p...
Italian luxury brand Prada plans to close two to three of its mainline stores in China each year for the next two to three years. Meanwhile, brands such as Gucci, Cartier, and Louis Vuitton are also reducing their store counts. The Chinese personal luxury goods market has contracted for two consecutive years, with consumers becoming more cautious about their spending on luxury goods.
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