大消费渠道脉搏：深圳奢华购物商场品牌表现分化，高净值人群重奢消费稳健

Investment Rating - The report does not explicitly provide an investment rating for the luxury goods industry, but it highlights significant trends and performance metrics that could inform investment decisions. Core Insights - There is a notable divergence in purchasing intent for luxury goods, with high-net-worth individuals (HNWIs) maintaining robust consumption while the middle class shows a significant decline in luxury purchasing intent [2][9]. - High-end brands exhibit significant performance differentiation, with MIU MIU showing strong growth momentum, while GUCCI continues to face challenges [3][10]. - The jewelry sector demonstrates steady growth, particularly during holiday periods, with brands like Van Cleef & Arpels leading in performance [4][11]. - Sales of high-end skincare products are weakening, while consumers are increasingly focused on value-for-money in cosmetics [4][12]. - The gold jewelry sector is performing well, with Laopu Gold emerging as a key growth driver [4][13]. Summary by Sections Purchasing Intent and Consumer Behavior - In 2024, the middle class (annual household income of 1.5 million to 5 million RMB) showed a double-digit year-on-year decline in luxury purchasing intent, while HNWIs, particularly black card and platinum card holders, maintained mid-single-digit growth in consumption [2][9]. Brand Performance - High-end brands like Hermès, LV, Dior, CHANEL, and Prada experienced a "high open low walk" sales growth pattern in early 2025, with MIU MIU standing out for its strong performance, while GUCCI has been under pressure with continuous negative growth [3][10]. Jewelry Sector - Jewelry brands, including Bulgari, Tiffany, and Cartier, maintained moderate growth, with Van Cleef & Arpels showing the strongest performance among jewelry brands [4][11]. Skincare and Cosmetics - Sales growth for high-end skincare products has slowed, with brands like Lancôme and La Mer particularly affected. Consumers are prioritizing cost-effective makeup options, prompting high-end brands to enhance customer loyalty through personalized services [4][12]. Gold Jewelry Sector - Laopu Gold has significantly outperformed competitors in the gold jewelry sector, with positive sales growth in early 2025. The brand's expansion strategy is supported by increased store area and prime location allocation in shopping malls [4][13].