Core Viewpoint - The enthusiasm for second-hand (中古) items among young consumers is declining, leading to a significant drop in market activity and business closures in the sector [2][4][20]. Group 1: Decline in Young Consumers' Interest - An increasing number of young people, including individuals like Miaojie, have lost interest in second-hand shopping, realizing it no longer holds the same appeal [5][6]. - Miaojie, once a fervent second-hand shopper, has shifted her focus to more unique and culturally significant items, indicating a change in consumer preferences [7][8]. - Social media platforms have seen a decline in second-hand content, with more discussions centered around avoiding pitfalls rather than promoting purchases [8][9]. Group 2: Business Impact - Businesses in the second-hand market, like Dazhao's store, have felt the impact of declining consumer interest, leading to closures and shifts in business strategy [3][10]. - Dazhao initially thrived in the booming second-hand market but began to experience a significant drop in revenue and customer retention by late 2023 [15][16]. - The competitive landscape has become challenging, with issues such as counterfeit products exacerbating the decline in consumer trust and business viability [17][30]. Group 3: Industry Trends - The second-hand market experienced rapid growth from 2019 to 2024, with significant increases in transaction volumes and capital investment [21][22]. - However, the market has since cooled, with major luxury brands also reporting declines in sales, indicating a broader trend affecting the luxury and second-hand sectors [25][26][27]. - The perception of second-hand items as valuable has been undermined by concerns over authenticity and quality, leading to a general skepticism among consumers [29][32]. Group 4: Future Outlook - Despite the current downturn, there remains a belief that a niche market for second-hand items still exists, albeit at a reduced scale compared to previous years [35][36]. - The luxury goods industry is facing a need for innovation and adaptation to new consumer demands, which may also influence the future of the second-hand market [37][38].

Group 1: Company Performance - CHANEL reported a 30% drop in operating profit and a 28.2% decline in net profit for 2024, marking its first negative growth in five years [1] - Other luxury brands are also facing challenges, with LVMH experiencing a 5% revenue decline in Q1, Kering down 12% last year and 14% in Q1 this year, and Hermès showing a 7% increase, which is 10 percentage points lower than the previous year [3] Group 2: Market Trends - The luxury goods market is undergoing a collective downturn, influenced by global economic instability and changing consumer attitudes, particularly in China where the enthusiasm for brand logos is waning [3] - Bain & Company forecasts an 18%-20% decline in China's personal luxury goods market sales in 2024, with similar challenges expected in the first half of 2025 [3] Group 3: Consumer Behavior - Young consumers are shifting towards "intelligent consumption," focusing on value and personal needs rather than blindly pursuing high prices or marketing narratives [5] - The discount brand sector is thriving, with China's outlet sales projected to reach 239 billion yuan in 2024, a 4.5% increase, and Vipshop reporting net revenue of 26.3 billion yuan in Q1 2025 with 41.3 million active users [5] Group 4: Sales Strategies - Vipshop's recent promotional event achieved record sales for the COACH brand, indicating that consumers are not opposed to high-priced items, but rather seek compelling value propositions [7] - The emphasis on cost-effectiveness or value-for-money has become a crucial factor in consumer purchasing decisions, suggesting a potential new strategy for luxury brands to adapt to changing market dynamics [7]

Core Insights - The luxury goods market is experiencing a significant downturn, with global sales projected to reach approximately €1.48 trillion in 2024, reflecting a growth rate of only -1% to 1%, marking the first overall decline since 2008-2009 [1] - The industry is facing a "price dependency syndrome," with iconic products like the Chanel 2.55 handbag seeing a price increase from ¥38,100 in 2019 to ¥84,000 in 2024, a rise of 120% [3] - Consumer sentiment is shifting, with younger generations increasingly valuing cost-effectiveness, leading to a decline in the willingness to pay high premiums for luxury items [3] Market Trends - Discount channels are becoming a significant avenue for luxury purchases, with outlets and platforms like Vipshop gaining popularity among consumers seeking better value [5] - The search volume for discounted luxury items surged during events like the 618 Mid-Year Shopping Festival, with brands such as COACH and Burberry seeing heightened interest [5] - Promotions on platforms can lead to substantial price reductions, exemplified by a Burberry bag originally priced at ¥16,200 being offered for ¥4,199, representing a 75% discount [5] Consumer Behavior - The luxury market is transitioning from "symbolic consumption" to "quality consumption," emphasizing the need for brands to balance price and value to thrive in the evolving consumer landscape [7] - The true essence of luxury is increasingly defined by the value of the consumer experience rather than just the price tag [7]

Core Insights - The luxury goods market in China is undergoing structural adjustments, with significant consumer demand differentiation. The analysis categorizes consumers into four core groups, which serve as key references for brand strategy formulation [1][2][3]. Group Summaries - **Fashion Enthusiasts**: Comprising 66% of the consumer base, primarily women aged 20-35, they contribute 9% to luxury spending. They are focused on light luxury and beauty products, favoring brands like CHANEL and DIOR. Their consumption is driven by emotional value and social media sharing, making collaborations with KOLs essential for brands [1][2][19]. - **Aspirational Pursuers**: This group accounts for 25% of the market and contributes 37% of spending. They are urban middle-class individuals aged 25-40, seeking a balance between quality and budget. They prefer purchasing light luxury or high-end alternative brands through discount channels. Brands need to optimize pricing strategies and leverage trends like "old money" aesthetics to attract this group [1][2][30]. - **Elite Lifestyle Patrons**: Representing 6% of the consumer base, this high-net-worth group contributes 51% to luxury spending. They are women aged 30-45 who prioritize luxury experiences and investment value, favoring top-tier brands like Hermès and CHANEL. Brands should enhance their offerings through exclusive events and high-quality materials to strengthen their market position [2][3][19]. - **Male Luxury Enthusiasts**: Comprising 3% of the market and contributing 3% to spending, this group includes high-net-worth men aged 20-40. They prefer understated luxury and practical items, such as watches and bags. Brands can attract this demographic by developing functional designs and classic color palettes [2][3][19]. Industry Trends - The luxury sector is facing a "low desire" dilemma, with declining interaction and search growth rates for high-end brands (-0.1%), while light luxury brands are experiencing a surge in engagement (78%). Mid-range brands are leveraging gold products and Chinese aesthetics for growth [2][12][19]. - Social media has become a critical battleground for brands. Successful campaigns include Loro Piana's "old money" loafers and Miu Miu's DIY trends, which have led to explosive search growth [2][12][19]. Future Directions - Brands need to precisely target consumer differences: high-end brands should emphasize scarcity and cultural experiences, while light luxury brands should focus on trend-driven products and value for money. Additionally, leveraging social media trends to capture younger consumer preferences is crucial for building emotional connections [3][19].

Core Viewpoint - The current consumption policies are driving a dual engine of "traditional consumption upgrade" and "new consumption expansion," leading to a significant surge in the consumption sector, particularly in Hong Kong stocks, which have seen multiple companies reach historical highs [1][5]. Consumption Sector Analysis - The consumption sector, represented by food and beverage, textiles and apparel, and home appliances, has maintained strong dividend capabilities, with an average dividend yield of around 4% and a median yield of 5% for companies with a market capitalization over 200 billion [2][3]. - High dividend rates signal healthy financial conditions and strong profitability, enhancing investor confidence and potentially leading to higher valuation premiums for the sector [3]. Investment Preferences - The consumption sector is favored for its stability and maturity, with a low valuation (20x PE) and high dividend yield (3.41%), making it attractive compared to fixed-income products [4]. - Institutional investors, such as pension funds and social security funds, are increasingly allocating to the consumption sector, with the latter's holdings reaching 28% by the end of 2024 [4]. Future Consumption Trends - The expansion of domestic demand is being driven by two main trends: the rise of electric vehicles and the explosive growth of smart home technology, with the smart home market expected to exceed 800 billion by 2025 [6][7]. - The integration of AI in traditional home appliances is expected to enhance competitiveness and market share in the smart home sector [8]. Market Dynamics - The upcoming consumption peaks during the Dragon Boat Festival and the 618 shopping festival are anticipated to create significant consumer demand, particularly in electronics and home appliances, with price reductions of 20%-30% due to subsidies [10]. - Cultural consumption is also expected to rise, with historical data indicating that cultural activities during holidays can account for 25%-40% of spending in major provinces [10]. Challenges in Consumption - Certain sectors, such as luxury goods, may face demand challenges due to a shift towards more rational consumer behavior and competition from local brands [11]. - Traditional fuel vehicles are likely to experience long-term demand pressure as the market shifts towards electric vehicles, particularly in the sub-150,000 yuan segment [11]. New Consumption Concepts - The emergence of new consumption concepts, such as emotional and experiential consumption, is reshaping valuation logic in the industry, requiring a shift from traditional financial metrics to a combination of hard data and soft value assessments [12]. - Companies that successfully integrate emotional value with their business models may uncover new growth opportunities beyond traditional valuation frameworks [12]. Investment Opportunities - The consumption sector presents investment opportunities driven by policy support and the dual appeal of low valuations and high dividends, particularly in areas like smart wearables and home appliances [13]. - Emerging consumption scenarios, such as blind box consumption and pet economy, also offer significant market potential [13].

作 者丨张欣 边万莉 实习生余姿桦 编 辑丨杨希 曾几何时，香奈儿的菱格纹、LV的老花图案是都市女性的精神图腾，那句戏谑的"包治百病"，曾道尽奢侈品作为情感 载体与身份符号的双重魔力。 然而2024年的消费市场，却见证了这场信仰的崩塌： 当香奈儿销售额同比下滑4.3%、LV母公司LVMH利润14年来首 现下跌，曾经无往不利的奢侈品神话，正在寒潮中褪去光环。 在奢侈品 "涨涨涨" 的惯性叙事中，"买包等于理财" 一度成为一种另类投资逻辑。但当寒潮来袭或许我们才发现，奢侈 品的金融属性本质是营销幻象，而理财与硬通货的确定性，正让消费者回归理性 —— 买包能否增值或许不再重要，重 要的是如何在不确定的周期中守住资产安全线。 奢侈品行业寒潮来袭 头部公司业绩大跳水 5月16日，世界三大奢侈品集团之一的Richemont（历峰集团）发布 2025财年报告（2024年4月至2025年3月），营业 收入同比增长4%至 214亿欧元，但营业利润同比下滑1%至37.6亿欧元。中国所在的亚太市场成为业绩重灾区，营收同 比下降13%，其中中国市场跌幅达23%，核心品牌卡地亚业绩承压被指为亚太业务疲软主因。 奢侈品"三巨头"中的另外 ...

2025年5月，摩纳哥大奖赛颁奖台上，一只由路易威登（LV）定制的奖杯箱成为焦点。细看这个以品牌 经典硬箱工艺打造的容器，箱体由摩纳哥国旗的红色点缀品牌经典Monogram标识,并印饰标志性V字标 识——V既代表"胜利"(Victory),也代表"路易威登"(Vuitton)｡红白两色不仅致敬摩纳哥国旗,更诠释了这个 国家丰富而充满活力的文化。这种"文化符号+赛事曝光"的组合，让路易威登在高净值人群中建立起"胜 利象征"的品牌联想。 事实上，2021年至2024年,世界一级方程式锦标赛摩纳哥™大奖赛的奖杯箱均由路易威登打造。路易威 登也在今年1月宣布成为世界一级方程式锦标赛®的官方合作伙伴,并在为期10年的合作中发挥品牌核心 作用,助力大赛开展｡在资本与文化的双重驱动下，F1正成为奢侈品牌触达高净值人群的战略支点。 作为F1现存最久的全球合作伙伴，劳力士的长期坚守堪称品牌渗透的典范，从2013年起，劳力士成为 F1的全球合作伙伴、官方时计，开启了一段长达11年的合作之旅。在这期间，劳力士不仅在赛事现场 有着醒目的品牌展示，还冠名了多个重要分站赛事。 据相关报道，劳力士每年为F1支付的赞助费高达5000万美元， ...

在小红书和抖音上搜索，各类"90后/00后回老家创业开二奢店"的帖子遍地都是，他们往往是在一二线 城市生活过一段时间，并对奢侈品有着强烈兴趣爱好的年轻人，看到了县城消费力的崛起和市场需求， 尝试另辟蹊径，向这个看起来"不算那么卷"的赛道进发。 县城消费力可谓是近几年来让人热议的话题，不管是各大品牌的下沉还是"县城贵妇"的走红，人们对这 一群体的消费能力有了越来越深入的认知。二手交易平台转转集团公布的数据显示，2025年春节期间， 转转平台五线小城的二奢订单量同比增长33%，三四线城市订单量保持双位数增长，而2023-2024年， 五线城市年均增长率达7.7%。 不少县城街头，悄然出现了二手奢侈品店的身影。从都市白领到县城贵妇，随着消费群体的拓展，这些 曾经集中在一二线城市的店铺，逐渐开始向县城下沉。 在这样的背景下，二手奢侈品店的下沉，既是消费升级的体现，也是商业策略的必然选择。但县城市场 的单一性和二奢店的投入成本却也让不少创业者叫苦不迭，在县城开二奢店到底是不是一门好生意？ 一年花10万，"县城贵妇"爱上二奢消费 无锡江阴的姜丽向Tech星球讲述了自己"入坑"二奢店的经历，自己是土生土长的江阴人，这几年跟 ...

本文字数：1808，阅读时长大约3分钟 作者 | 第一财经 刘奇超 最近，一些消费者收到古驰（比斯特上海购物村店）店员发来的闭店消息。 继上海新世界大丸百货和芮欧百货的两家门店之后，古驰（Gucci）将于6月2日关闭位于比斯特上海购 物村的奥莱店，不少消费者赶在闭店之前选购。 2025.05. 27 但追求性价比的消费者越来越多，奥莱店的生意水涨船高，品牌却只能忍痛"割肉"。比斯特上海购物村 店关闭之后，古驰在上海还有佛罗伦萨小镇店和百联奥莱店。 ▲ 古驰（比斯特上海购物村店） 大众点评图 去年下半年起，古驰在中国加速调整店铺，关闭了位于福州、大连、沈阳、太原的4家门店。古驰业绩 持续下滑，拖累母公司开云集团表现不佳，缩减门店尤其是奥莱店，被视为品牌高端化转型的重要举 措。不过，在此之前，古驰关闭的奥莱店主要集中在欧洲，向核心的中国市场"动刀"也证明了其处境艰 难。 开云集团最新财报显示，2025年第一季度营收下滑14%至38.83亿欧元，其中亚太市场同比下跌25%， 欧洲和北美均下滑13%，日本下滑11%；报告期内共关闭25家门店，其中10家来自古驰。目前，开云 集团市值不到LVMH集团的1/10，由于业绩 ...

汇丰将LVMH目标价从575欧元下调至525欧元，因关键市场依然承压。 ...