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Core Insights - The luxury brand industry is experiencing significant sales pressure, leading to a shift in marketing strategies and customer engagement approaches [2][12][21] - The consumer behavior of the middle class is changing, with a noticeable decline in luxury purchases and a preference for value-driven options [4][12][19] - Despite the decline in sales, luxury brands are increasing their event invitations to attract customers, indicating a shift in marketing tactics [5][6][12] Industry Trends - Luxury brands are facing double-digit declines in performance, with LVMH and Kering reporting significant drops in revenue and profit [2][12] - The market for personal luxury goods is expected to stabilize by 2025, with growth primarily supported by ultra-high-net-worth individuals, while middle-class consumers are pulling back [4][12][21] - There is a notable trend of luxury brands closing underperforming stores while focusing on flagship locations in major cities [2][14][16] Consumer Behavior - Middle-class consumers are increasingly seeking cost-effective options, often opting for overseas purchases due to favorable exchange rates [4][12] - The frequency of luxury purchases among middle-class consumers has decreased, with many now attending brand events more for the experience than for purchasing [3][5][6] - Consumers are shifting from buying products to seeking unique experiences, prompting luxury brands to adapt their offerings [19][21] Marketing Strategies - Luxury brands are hosting more events and activities to engage customers, despite the high costs associated with these initiatives [5][6][7] - Retailers are enhancing customer experiences through exclusive services and promotions to retain clientele and boost sales [9][11][19] - The focus is shifting towards providing emotional and experiential value rather than just product sales, with brands exploring new categories like high-end outdoor and dining experiences [19][21] Real Estate and Development - Developers are adjusting their strategies, prioritizing cash flow over brand prestige, leading to a more pragmatic approach in leasing spaces [17][19] - The number of new luxury store openings has decreased significantly, with a 38% drop in new stores in non-first-tier cities [13][14] - There is a trend of luxury brands concentrating their efforts in high-potential urban areas and airports to maximize customer reach [15][21]