Western Brands Under Pressure as 'Pre-Owned' Luxury Booms in China
Bain & Company says mainland personal-luxury sales fell 3% to 5% in 2025 as second-hand luxury spending jumped 15% to 20%.
6 Articles
6 Articles
Western brands under pressure as 'pre-owned' luxury booms in China
Chinese were once massive buyers of luxury Western brands, accounting for around a third of worldwide spending and earning firms such as LVMH and Hermes billions of dollars. But consumers' belt-tightening has forced them to rethink their strategies, with Louis Vuitton closing five stores in mainland China in the past two years -- including a chocolate boutique in Shanghai -- while Galeries Lafayette shut its Beijing flagship in May. "People used…
Hong Kong Free Press
Western brands under pressure as ‘pre-owned’ luxury booms in China
By Emily Wang With China’s economy still struggling to recover from the pandemic, even global fashion icons are beginning to feel the pinch as consumers turn instead to the second-hand market or buy upstart new homegrown brands. Chinese were once massive buyers of luxury Western brands, accounting for around a third of worldwide spending and […]
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