奢侈品，正在失去中产女性

Core Viewpoint - The luxury goods market in China is experiencing a significant downturn, with consumers shifting towards practicality and away from symbolic consumption [7][9][38]. Group 1: Market Trends - The luxury goods market in mainland China is shrinking, with a notable decline in consumer base from 400 million in 2022 to 340 million in 2025, a drop of 15% [7]. - Major luxury brands like Kering and Chanel have reported revenue declines, with Kering's revenue down 12% to €17.194 billion and Chanel's sales decreasing by 4.3% to $18.7 billion in 2024 [8]. - The trend of consumers investing in more stable assets like gold rather than depreciating luxury goods is becoming more pronounced due to geopolitical tensions and economic uncertainties [8]. Group 2: Changing Consumer Behavior - Urban women are becoming more cautious and restrained in their luxury goods purchases, with individuals like Wan Jing and Tan Xue significantly reducing their spending on luxury bags [6][19]. - The shift towards practicality is evident, as consumers are opting for functional items over high-priced luxury bags that serve more as status symbols [9][19]. - The perception of luxury items is changing, with consumers like Tan Xue realizing that the joy derived from purchasing luxury bags is fleeting and often leads to regret [16][18]. Group 3: Economic Implications - The luxury market is facing a dual challenge: a decline in middle-class consumers who traditionally drive growth and an increase in prices from luxury brands, which may alienate these consumers [37][38]. - Brands are raising prices significantly, with increases of 66% for Dior and 59% for Chanel from 2020 to 2023, which may further limit their appeal to middle-class buyers [37]. - The luxury sector is witnessing a shift where brands are inadvertently filtering out middle-class consumers through price hikes, while also facing competition from emerging brands that offer practicality and style [41].