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]

Group 1 - The luxury goods market is showing signs of moving towards a new balance after experiencing structural adjustments, with total sales remaining stable at approximately €1.44 trillion, and projected growth to €2.2 trillion to €2.7 trillion by 2035 [1][2] - The Greater China region is viewed as the core engine driving the recovery of luxury brands like LVMH and Burberry, with significant improvements in their performance since Q3 2025 [2][3] - Consumer demand is shifting towards personalized, diversified, high-quality, and cost-effective products, indicating a change in purchasing logic among younger generations [1][3] Group 2 - The luxury goods market is gradually recovering from post-pandemic consumption fatigue, with major luxury groups reporting positive trends in the Greater China market, leading to reduced revenue declines or positive growth [2][3] - Nearly half of luxury consumers believe that brand prices are inflated and are unwilling to pay for frequently increasing prices, indicating a shift towards value and experience over brand logos [3][4] - 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 [3][4] Group 3 - Trust issues regarding discounted luxury goods are prevalent, as consumers question the reliability of purchasing from discount channels [4][5] - The establishment of a third-party inspection agency, such as China Inspection, is crucial for building consumer trust in discounted luxury products, as it provides authoritative verification [5][6] - 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 [5][6]

Core Insights - The luxury goods consumption landscape is shifting towards a focus on quality and value, driven by changing consumer preferences and government initiatives to promote quality e-commerce [3][4][5] Group 1: Market Trends - The luxury goods market is experiencing a significant transformation, with a shift in consumption focus from the West to China, which is projected to capture 25% of the global luxury market by 2030 [4] - Discount channels are becoming increasingly popular, with sales in discount luxury goods rising by 30% year-on-year in the first nine months of the year [7][8] - Consumers are prioritizing high cost-performance luxury goods, indicating a move away from the traditional mindset of "brand supremacy" to a more rational evaluation of price, service, quality, and practicality [5][8] Group 2: Quality Assurance Initiatives - The partnership between China Inspection and Testing Institute (CITI) and the discount e-commerce platform Vipshop aims to enhance the quality assurance of luxury goods through independent and comprehensive authentication [3][8] - CITI's involvement includes a rigorous inspection process where each luxury item is evaluated by three independent appraisers, ensuring a high level of trust and credibility in the quality of products sold on e-commerce platforms [8] - The trend towards "good and affordable" luxury goods is expected to become mainstream, as consumers increasingly seek both quality and value in their purchases [8]

2024年，是重新审视奢侈品行业的一年，在经历了几年高速增长后，奢侈品行业第一次按下了暂停键， 中国市场也第一次迎来负增长。 2025年4月18日，专业奢侈品行业研究和顾问机构要客研究院第18次发布《中国奢侈品报告》，报告首 席研究员、要客研究院院长周婷博士表示，中国消费者将更加理性看待和消费奢侈品牌，奢侈品行业将 迎来新一轮变化，中国奢侈品市场将进入平台化、定制化和品牌多极化时代。 线上线下同时负增长 2024年，是第一个真正意义上的疫情后的完整奢侈品市场年份，虽然全球政治经济不确定因素更多，整 体消费疲软，但是全球奢侈品行业仍然获得了3%的增长，市场规模达到28049亿元人民币。 2024年，中国人奢侈品市场最终录得-3%增速，实现10107亿元人民币销售额，中国人奢侈品市场占全 球奢侈品消费的比重由38%降到36%，中国消费者依然是全球奢侈品消费的最重要力量，但其相对影响 力正在减弱。 2024年，中国境内奢侈品市场销售额下降17%到5044亿元人民币，中国奢侈品市场全球占比下降4%到 18%左右。2024年也是中国奢侈品市场线上线下销售额同时下降的一年，线上销售额下降5%到2375亿 元人民币，线下销 ...