Luxury Brands Struggle as Chinese Consumer Behavior Shifts
In a surprising turn of events for luxury brands, the Chinese market is experiencing a significant shift in consumer behavior that is leading to a decline in sales. Once a booming destination for high-end brands to make substantial profits, China is now witnessing unprecedented discounts on luxury goods, with multi-brand retailers offering up to 50% off in a desperate bid to entice customers to make purchases. This shift has been attributed to a combination of tightening spending habits among middle-class consumers and an oversaturation of unsold luxury products flooding the market, causing sales to stagnate across various sectors, including luxury jewelry.According to industry experts, there is a growing sense of "luxury shame" among consumers, reminiscent of the post-2008 financial c
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