权威机构入局激活消费 奢侈品市场复苏，消费价值观重塑

Core Insights - The luxury goods market is showing signs of moving towards a new balance after experiencing structural adjustments and pain points, with a stable total sales figure of approximately €1.44 trillion, projected to grow to between €2.2 trillion and €2.7 trillion by 2035 [1] Group 1: Market Recovery - The luxury goods industry has shown signs of recovery since Q3 2025, with major luxury groups identifying the Greater China region as the core driver of performance improvement [2][4] - Brands like Burberry and Prada have reported significant sales growth in the Greater China region, with Burberry's comparable sales increasing by 3% and Prada's Asia-Pacific revenue growing by 10% in Q3 [4] Group 2: Consumer Behavior Changes - Consumer demand is shifting towards personalization, diversity, quality, and cost-effectiveness, particularly among younger generations, indicating a change in purchasing logic from brand logos to unique value and experiences [2][6] - Nearly half of luxury consumers believe that brand prices are inflated and are unwilling to pay for brands that frequently raise prices, marking a transition to a focus on cost-effectiveness [6] Group 3: Discount Channels and Trust Issues - Discount channels are experiencing significant sales growth, with platforms like Vipshop reporting a 30% year-on-year increase in luxury goods sales from January to September [6] - The trust issue surrounding discounted luxury goods is a major concern for consumers, necessitating the involvement of independent third-party verification agencies to ensure authenticity [11] Group 4: Role of Third-Party Verification - The establishment of a trust environment through authoritative third-party involvement, such as China Inspection, is crucial for promoting luxury goods consumption [12] - The collaboration between China Inspection and Vipshop to provide pre-sale inspections of luxury goods is a significant development in the industry [11][12] Group 5: Future Market Dynamics - The luxury market is entering a more complex and healthier phase, balancing brand aspiration with the need for a trust system and pricing pathways to meet increasingly discerning consumer demands [12][13] - The future attractiveness of luxury brands will depend on their ability to find a balance between quality, experience, and price [13]