China men dare not to carry luxury items because they believe that China communist will confiscate their wealth! Common prosperity

[ChenShuang]

 

[syed putra]

This occurred only after Xi jinping ousted Bo Xilai to be communist chief.

 

[k1976]

​

China’s luxury sales see biggest drop in a decade amid economic slowdown​

The decline has brought the country’s luxury market size back to near the 2020 level.PHOTO: REUTERS
UPDATED JAN 22, 2025, 05:19 PM
HONG KONG – China’s luxury market sales are estimated to have plunged as much as 20 per cent in 2024, the steepest since at least 2011, as the country’s economic slowdown dents consumer confidence, according to consultancy firm Bain & Co.
The decline has brought the country’s luxury market size back to near the 2020 level, snapping years of exponential growth that was driven in part by a domestic spending boom during China’s Covid-19 closure.
Luxury watches and jewellery were hit the most by the spending slowdown, with sales falling more than 30 per cent from the year before, followed by leather goods and fashion and lifestyle items, Bain said in its latest report released on Jan 21.
The firm expects 2025, especially the first half, to be as challenging, with sales remaining flat in mainland China.
The spending slowdown in the world’s No. 2 economy, which has been the main driver of the global luxury market growth over the past decade, was accompanied by giants from LVMH Moet Hennessy Louis Vuitton to Kering shedding hundreds of billions of dollars in their market value in 2024. The companies are due to release their earnings for the fourth quarter in the coming weeks.
China has been experiencing a painful slowdown amid plunging property prices and a rising youth unemployment rate.
That has weakened consumer confidence, forcing shoppers to stop buying luxury items or seek discounts via channels, including the grey market and shopping in Japan where the yen is cheap.

 

[k1976]

Hainan, China’s duty-free island in the south, has been particularly hit by the slowdown, with sales falling about 29 per cent due to weak spending and more Chinese people shopping overseas, according to the report.

Luxury spending abroad reached about half of the 2019 levels in Europe and was about 120 per cent of the pre-pandemic levels in the Asia-Pacific, especially in Japan, it said.

But Bain remains positive over China’s long-term luxury market growth, as the country still possesses the largest addressable luxury population in the world, it said. BLOOMBERG

 

[k1976]

 

[True Believer]

Some wear the luxury items