新京报贝壳财经讯（记者陈维城）1月29日，贝恩公司发布的《2025年中国个人奢侈品报告》显示， 2025年中国内地个人奢侈品市场收缩了3%至5%，相比2024年的大幅下降有明显缓和。贝恩估计，2025 年中国奢侈品消费中有65%发生在中国内地，35%在境外，反映出消费回流的程度有所增加。 贝恩公司全球合伙人杨玥表示："二手市场正在逐渐成为中国奢侈品生态系统中不可或缺的一环，它的 持续增长不仅说明了消费者观念的转变，也标志着整个市场的日益成熟。"她指出，直播平台兼具实时 互动和产品验证两大功能，增强了消费者对二手奢侈品的信心。" 报告还强调了本土中国奢侈品品牌的持续崛起，特别是在美妆护肤和部分个人奢侈品类别中。这些品牌 通过文化相关的产品设计、数字化和互动导向的消费者策略以及由本地投入和供应链支持的竞争性价格 定位获得市场份额。 展望未来，尽管波动和不确定性仍将持续，贝恩预计中国个人奢侈品市场将在2026年实现适度增长，但 仍将保持全球奢侈品市场增长的基石地位。随着中等收入群体的不断壮大、消费者信心的提升以及有利 政策的出台，预计将有更多奢侈品消费回流至中国内地市场。然而，增长的程度仍将高度依赖于具体的 产品类 ...

Investment Rating - The report indicates a positive outlook for the tourism and duty-free industry, with expectations of recovery and growth in the coming years [11][21]. Core Insights - The tourism market is experiencing a comprehensive recovery in 2025, with domestic travel numbers and spending surpassing pre-pandemic levels [12][13]. - The duty-free market is expected to benefit from policy adjustments and the expansion of the duty-free shopping framework, particularly in Hainan [30][33]. - The report highlights the increasing importance of travel as a lifestyle necessity, despite economic fluctuations [21][31]. Summary by Sections Tourism Industry Overview - Domestic travel in China is projected to reach 1.038 trillion USD by 2027, with a CAGR of 7% from 2025 to 2027 [19]. - In the first half of 2025, domestic travel numbers reached 3.285 billion, a 20.6% increase year-on-year, while spending reached 3.15 trillion CNY, up 15.2% [12]. Duty-Free Market Trends - The duty-free sales in Hainan saw a significant increase following policy changes, with sales amounting to 23.8 billion CNY in November 2025, a 27.1% year-on-year increase [32]. - The report anticipates a shift towards a collaborative growth model in the duty-free market, integrating island, city, and port sales [33]. Future Opportunities - The expansion of visa-free travel and the recovery of international flights are expected to drive inbound tourism and duty-free consumption [21]. - The upcoming full closure of Hainan's free trade port is anticipated to enhance the local consumption potential and attract more tourists [30]. Company Analysis - China Duty Free Group (1880.HK) is positioned as a market leader with a significant share in the domestic duty-free market, benefiting from ongoing policy optimizations [37]. - Hong Kong Travel (308.HK) is diversifying its revenue streams and focusing on high-value tourism projects, which may enhance its profitability as the market recovers [41]. - Meilan Airport (357.HK) is expected to benefit from increased passenger traffic and improved operational efficiency following the implementation of the free trade policies [46].