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Op-Ed | What’s Behind the Slump in China’s Luxury Sales?

The key question is whether the drop is due to a weakening economy or a shift in consumer perception towards luxury items as mere commodities.
Gucci store in China.
As China suffers from an economic Long Covid, it’s clear that brands with better resale value are much more resilient. (Shutterstock)
By
BoF PROFESSIONAL

Multinationals have a puzzle that they need to tease out in China, the world’s biggest market for luxury products: What’s driving a slump in sales? Is it because a slowing economy is leading people to tighten their belts, or a sign that the Chinese no longer believe many brands can hold their value?

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