Chinese shoppers cool on Western luxury: thrift, secondhand and lawsuits weigh on European brands
Chinese consumers increasingly seek value rather than display status: the personal luxury market in mainland China is shrinking while secondary luxury is growing. LVMH ties falling sales to slowing demand in China; Louis Vuitton has closed five stores, and Galeries Lafayette shut its Beijing flagship. A lawsuit by Louis Vuitton against the Molly Tea chain has added further friction.
Dilnoza Rahimova