2025年中国个人奢侈品市场

Recalibration, resurgence, and more selectiveconsumers are edging China’s personal luxury Authors and acknowledgments Bruno Lannesis a senior partner in Bain & Company’s Consumer Products and Retail practices forGreater China, located in Shanghai. He can be contacted atbruno.lannes@bain.com. Priscilla Dell’Ortois a partner in Bain & Company’s Consumer Products and Retail practices forGreater China, located in Hong Kong. She can be contacted atpriscilla.dell’orto@bain.com. Elle Yangis a partner in Bain & Company’s Consumer Products and Retail practices for GreaterChina and Japan, located in Tokyo. She can be contacted atelle.yang@bain.com. The authors would like to express their gratitude to Xiaowen Zhang, an associate consultant in Bain’s The 2025 Luxury Goods Market: Recalibration, Resurgence, and More Selective Consumers At a Glance In 2025, the mainland Chinese personal luxury market contracted 3%–5% but showed signs Category performance was mixed. Beauty rebounded, while other categories, such as watches,continued to struggle, and fashion outperformed leather goods and bags. Overseas luxury spending declined sharply. Weak currency and narrowing price gaps betweenmainland China and key luxury markets curbed demand for spending abroad. Daigou sales ` `Domestic brands captured more share by appealing to cultural connections and local `Although it is a small portion of the total luxury market, the secondhand market showed stronggrowth (15%–20%). Livestreaming played a key role in the market’s expansion. `More cautious and knowledgeable consumers are driving a transition to a slow growth pattern.Signs of continued recovery are expected in 2026, and the potential for long-term recovery In 2025, the Chinese luxury market continued to recalibrate, starting a gradual recovery as consumerconfidence remained cautious. Discretionary spending was still restrained as consumers became moreselective and prioritized value-driven luxury items that balanced quality, exclusivity, and practicality. Thetrend toward experience-based consumption—including travel and wellness purchases—held steady, In general, brands catering to affordable luxury and ultra-premium segments emerged as winners,delivering perceived “true value.” These brands demonstrated strong connections with affluent young In contrast to 2024, the share of overseas spending declined in 2025. A weaker renminbi narrowed cross-market price gaps, diminishing the appeal of international shopping. In addition, ongoing shopping mall As a result of these multiple trends, the mainland Chinese personal luxury market experienced a moremoderate decline of 3%–5%, after a steep decline of 17%–19% in 2024 (see Figure 1). The 2025 Luxury Goods Market: Recalibration, Resurgence, and More Selective Consumers Quarter-by-quarter performance The slowdown persisted through the first half of the year, though the market saw a modest Spring However, a recovery started to emerge in the third quarter. Recovery in the second half was supportedby favorable base effects (second half of 2025 vs. second half of 2024), a robust stock market and a The trajectory of the recovery was confirmed in the fourth quarter, particularly in the fashion and leather The 2025 Luxury Goods Market: Recalibration, Resurgence, and More Selective Consumers Beauty is the strongest performer among segments Luxury market performance varied by category. The beauty sector, a standout performer, rebounded with4%–7% growth (see Figure 3). The demand for ultra-premium skin care and fragrances has kept steady as The fashion segment demonstrated stronger resilience than leather goods, driven by a higher degree ofinnovation and stronger engagement with both top and aspirational consumers. Other amplifying factorsincluded accelerated digitalization across the entire value chain and shorter product life cycles. These Leather goods, a segment relatively more dependent on aspirational buyers, continued to struggle,with an estimated decrease of 8%–11% (see Figure 3). The category suffered from past and ongoing The 2025 Luxury Goods Market: Recalibration, Resurgence, and More Selective Consumers Jewelry also showed strong improvement compared to 2024, with its expected decrease narrowed to0%–5%. Consumers, particularly those focused on value preservation, continued to gravitate to jewelrypurchases, especially fine jewelry. The increasing price of rare metals also reinforced the asset value Watches, however, remained under severe pressure, with an estimated decline of 14%–17% (see Figure 3).Consumers became more rational in their watch purchases, influenced by a shift in preferences toward Within these categories, the most resilient brands maintained strong brand equity and desirability Figure 3:Beauty rebounded to positive growth, while other categories continue The 2025 Luxury Goods Market: Recalibration, Resurgence, and More Selective Consumers Luxury market grows with wealth creation In Chin