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Core Insights - The luxury goods market in China has experienced a significant downturn, with negative growth recorded for six consecutive quarters, as reported by Bain & Company [1][2][3] - Major luxury brands are facing declining revenues and profits, prompting them to close underperforming stores and seek support from shopping malls [3][4] - Consumer preferences are shifting towards experiential and emotional consumption, leading to a transformation in the luxury retail landscape [9][10] Market Performance - The luxury goods market in China and the U.S. has both seen a decline, with projections indicating a potential global sales drop of 2% to 5% by 2025 [2][3] - LVMH reported a 4% decline in revenue and over a 20% drop in net profit for the first half of 2025, while Kering's net profit fell by 46% [3] - Chanel has also faced its first revenue and profit decline since 2020, highlighting the broader challenges within the luxury sector [3] Brand Strategies - Brands are increasingly closing low-performing stores to concentrate resources on key locations, with Kering planning to close 80 stores this year [4][3] - The shift in consumer behavior has led brands to adapt their marketing strategies, focusing more on social media and direct consumer engagement [3][7] Shopping Mall Dynamics - Shopping malls are under pressure to support luxury brands through rent reductions and marketing initiatives, as sales decline [6][8] - Malls are adopting more diverse promotional activities to attract consumers, such as immersive art installations and themed events [7][10] - The market has shifted to a tenant-driven landscape, with landlords needing to be more supportive of their tenants to maintain occupancy [8][10] Consumer Behavior - The traditional luxury marketing approach centered on material possession is being replaced by a focus on experiences and emotional connections [9][10] - The consumer demographic is becoming more blended, with luxury purchases being made by a wider range of consumers, including those who previously engaged with fast fashion [9][10] Operational Challenges - High-end malls face challenges in maintaining their brand identity while introducing new, trendy brands to attract foot traffic [11] - Balancing the introduction of popular brands with the existing luxury tenant mix is crucial to avoid alienating core luxury customers [11][10]