How luxury brands are making up for lower Chinese spending
Elevating brand positioning with high-spenders is key to riding out the luxury slowdown
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FOLLOWING post-pandemic splurging on luxury goods, the pent-up spending seems, well, spent – at least in the region, as an initial rebound in the Chinese market fizzled out.
Not only is the demand situation in China “proving to be tough indeed”, disappointment is coming from a lacklustre outlook in Hong Kong, Macau and Singapore, said HSBC luxury analysts in a note on Mar 22, after a two-week trip to Asia. “Mainland Chinese consumers are coming in greater numbers but don’t seem to be the spending kind,” they wrote.
This is reflected in the latest results from major luxury players.
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