21世纪经济报道记者赵佳佳实习生刘是卓 低迷的奢侈品消费或将在双十一迎来"逆转"。 全球知名咨询公司贝恩公司发布的研究报告，作为两大核心奢侈品市场的中国与美国近年来出现下滑趋势。2025年上半年，各 大奢侈品集团的营业收入、净利润都呈现下滑的态势。 但在今年双十一中，奢侈品又成为备受消费者关注的热门品类之一，据天猫双十一第一周期数据显示10月20日正式开售后，奢 品品牌整体成交同比两位数增长，Balenciaga.Burberry、Canada Goose、Coach、MiuMiu、Maison Margiela、Max Mara.Moncler、 Ralph Lauren等品牌均在天猫实现高双位数增长。 而即使在奢侈品市场规模整体下滑的时间点上，消费者对于奢侈品的需求仍然旺盛——只不过和过去相比，当下消费者的奢侈 品消费正在逐渐分化：有的消费者重视"新品"，渴望尝鲜；有的消费者重视个性化审美与体验；有的消费者重视"高性价比"、 降低品牌溢价。不同的需求正在重新洗牌奢侈品消费市场。 而特卖电商唯品会数据显示，多个奢侈品品牌销量同比增长超30%。同时，主打奢侈品特卖的唯品会，还在今年双十一期间， 引入中检鉴定师 ...

Summary of Conference Call Records Industry Overview - The U.S. economy is facing stagflation risks, with both soft and hard data indicating weakness, particularly in employment and consumer spending [1][2][3] - The sales of corrugated boxes have hit a ten-year low, reflecting sluggish consumer demand, with early Christmas stocking up in July peaking and then declining in August and September [1][2] - The U.S. U6 unemployment rate reached 8.1% in August, with youth unemployment at 9.2%, compounded by student loan repayment pressures, limiting consumer capacity [1][2][3] Key Points and Arguments - The government shutdown has led to 750,000 federal employees being furloughed or working without pay, with a suspension of $24 billion in federal spending, impacting GDP by approximately 0.1% weekly [1][3][4] - If the shutdown continues, the GDP could decline by more than 2% in Q4 [1][3] - The Federal Reserve's interest rate cut expectations have dropped sharply from 90% to 60% due to comments from Chairman Powell, exacerbating liquidity tightening and negatively affecting stocks and risk assets [1][4] - The reduction of food stamp amounts in November by half affects about 1/8 of the U.S. population, leading to an expected additional decline in consumer growth by about 0.5% [1][4][6] Economic Challenges - The U.S. economy is experiencing a K-shaped recovery, where AI-related investments are driving demand for chips, storage, and power equipment, while demand for ordinary consumer goods remains weak [2][5][9] - Exports of graphics cards from Taiwan to the U.S. increased by 138.2%, and South Korea's semiconductor exports grew by 25.4%, while traditional manufacturing countries like Vietnam and Mexico are facing weaker exports [2][5][8] Consumer Behavior and Market Impact - Chipotle and McDonald's Q3 earnings reports indicate a significant decline in spending among their primary consumers—young people and low-income groups [3][4] - The Michigan Consumer Sentiment Index fell to 50.3 in November, the lowest since June 2020, indicating severe consumer confidence issues [3] - The K-shaped recovery is evident in consumer behavior, with luxury goods remaining strong while middle and low-income groups shift to cheaper shopping options [9][10] Future Monetary Policy - Given the complex economic environment, the Federal Reserve may adopt a more accommodative monetary policy, with expectations for interest rate cuts in December [11] - The Fed may have no choice but to implement easing measures to support overall economic stability amid reduced fiscal spending and rising unemployment [11]

Group 1 - The Chinese market has become a crucial part of brand strategy and a source of creativity for luxury brands [1][9] - Kering's CEO, Luca de Meo, emphasized the importance of collaboration and innovation in the luxury sector during his first visit to China [4][6] - LVMH's CEO, Bernard Arnault, and other executives are actively engaging with local brands to understand their appeal and strengthen connections with Chinese consumers [3][7] Group 2 - Luxury brands are increasing their investments in China despite challenges, with a focus on local market integration and resonance [3][6] - The growth of local brands like 山下有松 and 裘真 is seen as a positive signal for the luxury market, indicating a shift in consumer preferences [9] - Companies are adopting innovative practices from the Chinese market to enhance their global operations, recognizing China's role as a leader in market innovation [9]

同时，迪奥工坊的面料余料与经升级再造的奢美材质也被赋予了新的生命，化作生动俏皮的野生小动 物，被带到此次进博会上：诸多能工巧匠以手工剪裁与缝制技艺，精心打造出小狗、蜜蜂、松鼠等灵动 造型。大自然的灵感与匠心工艺在此交汇，巧妙呼应迪奥对可持续理念的诗意诠释。 此外，迪奥还以一系列影像，邀请观众见证品牌在多个维度的可持续发展战略——生物多样性与自然资 源保护、减缓气候影响、创意循环以及员工与合作伙伴的共同承诺，全方位展现品牌以创新行动诠释可 持续之美的愿景。这些影像作为记录，将推动时尚行业迈向更负责任的未来。 2025年11月5日-10日，迪奥再赴中国国际进口博览会(CIIE)，续写品牌与中国的深厚情缘。在本届进博 会中，迪奥再次重申其对传承、艺术美学与社会责任的承诺，不断拓展卓越的边界。 最后，在本次进博会中，还特设了一座"LVMH迷你博物馆"，集中呈现集团旗下品牌的经典佳作与创新 匠艺。迪奥于此呈献两款代表作品：其一为中国艺术家鞠婷赋新演绎的经典LADY DIOR手袋，该作品 灵感源自动态艺术的表现原理，由起伏波动的面板构成，营造出动感十足的律动效果与视觉错觉，专为 2025年度的"DIOR LADY ART ...

Core Insights - Major cities like Shanghai and Shenzhen are experiencing significant changes, reflecting deeper market logic shifts that require attention to the real needs and feelings of residents rather than just economic metrics [1][9] Employment Market - The job market in Shanghai and Shenzhen is polarized, with high-end positions facing intense competition, while basic manufacturing and service jobs struggle to attract workers [3] - For example, a factory in Shenzhen offers a monthly salary of 8,000 yuan but still cannot find workers, indicating a mismatch between educational output and industry demand [3] Real Estate Market - There is a stark divide in the real estate market, with luxury properties in Shanghai seeing a 15% increase in sales volume year-on-year, while demand for affordable housing has dropped by 22% [3] - In Shenzhen, the average price of second-hand homes has decreased from 83,000 yuan per square meter at its peak to 65,000 yuan, yet ordinary buyers still find it unaffordable [3] Consumer Behavior - There is a trend of consumption downgrade and increased savings, with luxury goods sales in Shanghai dropping by 8% year-on-year, while sales of fast-moving consumer goods under 100 yuan rose by 25% [5] - The proportion of residents saving money has increased to 38%, with families saving an average of 2,000 yuan more per month compared to before [5] Talent Migration - A "reverse siphon" effect is occurring, with more young people leaving first-tier cities for second-tier cities, as evidenced by a 45% increase in those returning to seek jobs in second-tier cities from Shenzhen [7] - The willingness of fresh graduates in Shanghai to stay has fallen below 60%, driven by high living costs and pressures in first-tier cities [7] Conclusion - The four phenomena observed in Shanghai and Shenzhen are indicative of a fundamental change in market dynamics, emphasizing the need for urban development to balance economic growth with the well-being of residents [9]

Group 1 - LVMH views China as a crucial strategic market and is confident in future development, planning to increase investments through cultural cooperation, sustainable development, technological innovation, and local talent cultivation [1] - The company is advancing its "LIFE 360" environmental strategy, aiming to eliminate single-use plastics, reduce carbon emissions and resource consumption, and optimize logistics to lower carbon footprints by 2026 and align with the UN's 2030 Sustainable Development Agenda [1] - LVMH emphasizes its commitment to the Chinese market, citing resilient consumer behavior and increasing demand for high-quality products, leading to continuous innovation in offerings such as immersive spaces and limited edition collaborations [1] Group 2 - LVMH maintains a "Made in France" core strategy focused on sustainability, high quality, consumer safety, and innovation, with plans to integrate technological advancements while preserving French cultural heritage [2] - The "SHOW ME" project aims to train young artisans in traditional crafts, aligning with China's emphasis on vocational skills and craftsmanship, demonstrating LVMH's commitment to long-term development in the region [2]

Core Insights - Tapestry's approach to the Chinese market emphasizes understanding local consumers rather than relying solely on luxury brand prestige [1][2] - The company is implementing localized strategies, such as collaborating with national IPs and focusing on sustainability to meet the expectations of Chinese consumers, particularly the Z generation [1][2] - Tapestry views China not just as a market but as a critical source of growth and innovation, influencing its global strategy [3][6] Market Positioning - Tapestry's participation in the China International Import Expo reflects its commitment to the Chinese market, which is seen as a significant growth opportunity [3][6] - The company recognizes the importance of China in its global operations, with the Chinese market being a key driver for brands like Coach, Kate Spade, and Stuart Weitzman [6] Strategic Adaptation - Tapestry's strategy includes a shift from merely selling products to learning from Chinese consumers, which informs their design and innovation processes [6] - The company is focused on creating a two-way empowerment model, where insights from Chinese consumers enhance global offerings [6] Investment Confidence - Tapestry expresses confidence in the Chinese investment environment, citing favorable trade policies and a stable regulatory framework as key factors for continued investment [7]

Group 1 - Kering Group showcased its brands at the 8th China International Import Expo, emphasizing its commitment to quality, sustainability, and cultural heritage under the theme "Creative Legacy" [2] - CEO Luca de Meo highlighted the importance of engaging with Chinese consumers and local industry partners to explore new development opportunities and support sustainable growth in the luxury fashion industry [2][9] - The exhibition design by Gensler utilized natural imagery and sustainable materials, with approximately 50% of the booth materials being reused from the previous expo [4][5] Group 2 - Kering's core brand Gucci presented a collection of vintage silk scarves and hosted interactive workshops with artists, enhancing visitor engagement [8] - Balenciaga showcased its summer collection for the first time after its fashion week debut, while McQueen's custom gowns made their global debut at the expo [8] - Kering launched a new fragrance series from Balenciaga and introduced the Bottega Veneta perfume line to the expo for the first time [8] Group 3 - Kering signed a strategic cooperation memorandum with Shanghai Fashion Week to initiate the "Kering CRAFT Creative Residency Program," aimed at discovering and empowering emerging Chinese creative talents [9] - The program will enhance the brand-building and business operation capabilities of Chinese designers, aligning with Kering's vision of fostering local brands and exploring collaborative opportunities [9] - Kering also established a partnership with China Resources Vientiane Life to implement sustainable practices in shopping centers, integrating China's dual carbon strategy and green building standards [11]

Core Insights - The article discusses a shift in consumer behavior towards a focus on value-for-money and emotional satisfaction rather than traditional brand prestige and high prices [3][21][22] Group 1: Consumer Behavior Changes - Consumers are increasingly prioritizing cost-effectiveness and quality, leading to a new consumption philosophy that emphasizes "precise spending" rather than mere frugality [5][12] - The rise of brands like Mixue Ice City and Luckin Coffee illustrates the success of the value-for-money approach, as they disrupt traditional high-priced markets with affordable yet quality offerings [4][8] Group 2: Market Trends - The demand for affordable yet high-quality products is evident in various sectors, including beverages and food delivery, with brands like "拼好饭" gaining popularity for their low-cost, high-quality experiences [9] - The luxury market is experiencing a downturn, with significant sales declines reported by brands like LVMH and Gucci, indicating a shift away from high-priced, status-driven consumption [12] Group 3: Emotional Value in Consumption - The younger generation, particularly Gen Z, is willing to spend on products that provide emotional satisfaction, reflecting a shift towards valuing experiences and emotional connections over material possessions [13][22] - The concept of "情价比" (emotional value for money) is emerging, where consumers seek products that enhance their emotional well-being and identity, rather than just fulfilling basic needs [18][19] Group 4: Future Implications - As consumer needs evolve, the focus on emotional and experiential value is expected to grow, suggesting that future consumption will increasingly revolve around identity construction and emotional fulfillment [21][22] - The article posits that the ultimate form of consumption will be about investing in one's inner world, highlighting a significant cultural shift in how products are perceived and valued [22]

11月6日，第八届中国国际进口博览会正在上海国家会展中心举行，观众与身穿传统中国服装的人形机器人互动。人民网记者 张武军摄 11月6日，第八届中国国际进口博览会正在上海国家会展中心举行，观众在参观中国中车自主研发的动车组模型。人民网记者 张武军摄 11月6日，第八届中国国际进口博览会正在上海国家会展中心举行，观众在消费品展区参观工艺品展台。人民网记者 张武军摄 11月6日，第八届中国国际进口博览会正在上海国家会展中心举行，卡地亚展区的作品吸引观众驻足观看。人民网记者 张武军摄 11月6日，第八届中国国际进口博览会正在上海国家会展中心举行，诺华公司刚刚在中国市场获批上市的放射配体疗法（RLT）药物派威妥迎来中 国首展。人民网记者 张武军摄 11月6日，第八届中国国际进口博览会正在上海国家会展中心举行，美敦力脉冲射频双能量及高精密度标测三合一全功能导管产品中国首展。人民 网记者 张武军摄 11月6日，第八届中国国际进口博览会正在上海国家会展中心举行，抖音电商全球购邀请25位带货达人在进博会现场开播，介绍来自全球的优质好 物，助力消费结构持续升级。人民网记者 张武军摄 ...