年轻人买奢侈品追求折扣，行业出现了一个反常现象

Group 1: Company Performance - CHANEL reported a 30% drop in operating profit and a 28.2% decline in net profit for 2024, marking its first negative growth in five years [1] - Other luxury brands are also facing challenges, with LVMH experiencing a 5% revenue decline in Q1, Kering down 12% last year and 14% in Q1 this year, and Hermès showing a 7% increase, which is 10 percentage points lower than the previous year [3] Group 2: Market Trends - The luxury goods market is undergoing a collective downturn, influenced by global economic instability and changing consumer attitudes, particularly in China where the enthusiasm for brand logos is waning [3] - Bain & Company forecasts an 18%-20% decline in China's personal luxury goods market sales in 2024, with similar challenges expected in the first half of 2025 [3] Group 3: Consumer Behavior - Young consumers are shifting towards "intelligent consumption," focusing on value and personal needs rather than blindly pursuing high prices or marketing narratives [5] - The discount brand sector is thriving, with China's outlet sales projected to reach 239 billion yuan in 2024, a 4.5% increase, and Vipshop reporting net revenue of 26.3 billion yuan in Q1 2025 with 41.3 million active users [5] Group 4: Sales Strategies - Vipshop's recent promotional event achieved record sales for the COACH brand, indicating that consumers are not opposed to high-priced items, but rather seek compelling value propositions [7] - The emphasis on cost-effectiveness or value-for-money has become a crucial factor in consumer purchasing decisions, suggesting a potential new strategy for luxury brands to adapt to changing market dynamics [7]