Why Chinese Shoppers Are Not Buying Luxury Brands Like Gucci, Louis Vuitton |Firstpost Tech & Trade

Luxury Brands in Trouble! Why Chinese Shoppers Are Not Buying Big Brands Like Gucci, Louis Vuitton | Firstpost Tech & Trade

The Chinese economic woes, prompted by a rough recovery from Covid-19 and a housing market crisis, have dampened consumer demand. This has significantly impacted luxury brands like Gucci, Louis Vuitton, Dior, and Swatch, among others. In their recent financial results, they have reported substantial declines in sales. According to HSBC, the luxury sector, once thriving due to Chinese consumer demand, faces one of its worst years since 2009. The shifting Chinese consumer trends were also evident during the recently concluded "Golden Week," a time typically marked by celebration and consumer spending. A Goldman Sachs analysis revealed a 2% decrease in domestic trip spending compared to pre-pandemic levels. This occurred despite new stimulus measures by the Xi Jinping government aimed at boosting confidence. Experts argue that these measures have failed to address the fundamental issues of weak consumer demand and economic uncertainty. Let’s try to find out why.

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