Luxury sales in local luxury shopping malls are falling double-digit year-to-date, with traffic numbers down in the single digits in the same period, according to a recent Bernstein report.
People resting on designer seats surrounded by a Louis Vuitton and a Dior store, soon to be opened at Beijing's Taikoo Li Sanlitun retail district.is in the repair shop,“ Chinese spending on luxury goods has yet to recover to pre-COVID-19 levels, when they saw 20 percent annual growth.
However, Bernstein laid out the worst case scenerio as well, if the housing market continue to worsen. “While the recent Gucci shows have attracted better feedback in the West, one doesn’t feel the ‘new Gucci’ in store. Influencers point out that Gucci is not improving, despite significant social media spend and effort,” the report added.
“This shift presents opportunities for emerging domestic brands, evidenced in beauty, accessories and jewelry segments, though to a lesser extent for the latter,” the report added.
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