China
LUXONOMY announces the launch of the highly anticipated report “Profile of the New Chinese Luxury Consumer 2025”, an essential tool for understanding the trends and behaviors of one of the most dynamic and strategic markets in global luxury. Exclusive to our PREMIUM subscribers, this report offers a detailed and practical insight for brands and professionals looking to stand out in the Chinese market.
On Wednesday, January 29, 2025, the Chinese New Year begins, a celebration of great cultural and economic significance that symbolizes new beginnings, opportunities, and growth. In the luxury sector, this date has become a key moment to connect with Chinese consumers, who lead the global consumption of personal luxury goods.
In line with this important celebration, LUXONOMY is preparing to present, next week, its exclusive Report on the Profile of the New Chinese Luxury Consumer, a comprehensive analysis that reveals the trends, preferences, and purchasing behaviors of this influential group of consumers.
With this report, we provide a strategic guide to understanding and seizing the opportunities presented by the Chinese market, which will continue to lead the luxury sector in the coming years.
In 2024, China’s luxury market faces a new challenge: “luxury shame.” This phenomenon is reshaping strategies for high-end brands due to economic downturns and government policies aimed at curbing conspicuous consumption. Chinese consumers, influenced by economic uncertainty and social pressures, now prefer discreet products that retain long-term value over flashy items perceived as excessively opulent.
This shift is not just an economic reflection but also a cultural transformation. Recent economic fluctuations in China have caused uncertainty among consumers who previously viewed luxury goods as essential status symbols. This economic instability is compounded by government measures promoting frugality and responsibility, steering consumer behavior toward more conscious and less overt displays of wealth.
LVMH, the world’s largest luxury goods conglomerate, has been significantly impacted by the recent slowdown in China’s consumer spending. In the first half of 2024, the company’s net profit fell by 14%. This trend is part of a global phenomenon affecting luxury brands, particularly in Asia, a key market.
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