There used to be a saying in the luxury industry: “He who wins the Chinese market wins the world.” Yet in the past two years, luxury brands and imported luxury car makers in China have faced unprecedented setbacks. The days when brands made huge profits are over. People with less money are no longer interested, while the wealthy now prefer to be cautious. The era when Chinese consumers spent money without much thought is gone.
Due to a sluggish economy, a tense political atmosphere, and changing buying habits, many Chinese are gradually moving away from luxury items like LV and Gucci bags. Sales for companies like LVMH and the Kering Group in Asia have dropped by double digits.
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