中国手袋市场重置内幕

Foreword Basedon thelatestreports, the globalluxurymarketremainedflatyearonyearin 2025. Chinashowedearlysignsof arebound: the contraction in thedomesticmarketnarrowed(-3% to-5%),whileoverseasluxuryspendingcontinuedtorebound.Yetthisphase of recalibrationisalsorewriting theindustry’sformerplaybook.Shiftingmindsetsandevolvingconsumer expectations areplacingnewdemandson brandsacrossproduct,experience, andstrategy. Once themostresilientpillarofluxuryfashion,handbagsarenowat aninflectionpoint.Whilethecategoryisshowingtentativesignsofrecovery,growthisbecomingincreasinglyselective–favouringpremiumdisruptorsandculturallyresonantlabels overtraditionalluxuryincumbents. This divergencesignalsadeepershift in howChineseconsumersdefinevalue, relevance, and justification inhandbagpurchases. Inresponse, DLG and Re-Hub arelaunchingthewhitepaperInsideChina’sHandbagMarketReset.PoweredbydatafromSPECTRUM andotherproprietarytools–trackingbothbrand-ownedchannels and thegreymarket–the reportunpacksthecurrentmomentumofChina’sluxuryhandbagdemandand examines thenew premium challengersreshapingthecategory. 0102The Premium Players Changing the Rules.Winning the Next Chapter of Luxury Handbags.The Handbag Demand Reset.Mapping China’s Grey Market Dynamics.0304 TABLE OFCONTENTS. The Handbag Demand Reset.01 Softening demand for luxury handbags reflects a mix of pressures,including outbound spending, the rise of the grey market, and a changingconsumer mindset. Some factors are temporary while others are structural,and distinguishing between them is essential. Bags show signs of recovery on Tmall, driven by strong double-digitgrowth from premium brands, while luxury continues to lag •OnTmall,handbagsremainthesecond-largestcategoryin theluxuryand premium segment,trailingonlyready-to-wear. •Across2024 and 2025, first-quarterperformance,shapedby the LunarNewYear, hasshownconsecutiveslowdowns. •While thecategoryisrebounding,growthisprimarilydrivenby asurgein premium brands (e.g. Coach,Songmont) andhypebrands (e.g.MiuMiu, Lemaire). Bycontrast,luxuryhasexperiencedoveralldeclines. Domestic consumption hasstabilised; outbound spending is recoveringmuch more slowly than expected •Following thereopening, thereallocationofluxuryspendingstandsas themostdirect factor in thecontraction ofChina’sluxurymarket. •While arbitrageopportunitiesvarybybrand,pricegapsbetweenChina andoverseasshopping destinations havegenerallynarrowedfollowingwavesof globalpriceharmonisation. •However, thedomesticvs.overseasdistribution splitmayneverreturn topre-COVIDlevelsdue totightenedconsumer relations,remainingpricedifferentials,assortmentavailability,andstrictercustomscontrols. Polarisationwillintensifyas the macroenvironmentand consumermindsetscontinue to shift Mapping China’sGrey Market Dynamics.02 China’sgreymarket,drivenbydiscounting, instantavailability, andstrongconsumer trust in platforms,continues to undermine both brand revenueand equity.In anincreasinglypolarisedmarket,aspirationalluxurybrandsbearthegreatestpressure. Continuous year-round markdowns in the grey market arecannibalisingbrand-owned channels, especially in aspirational luxury Whilechannelarbitrage causesalmostallproductstotradebelowretailon thegreymarket, theactualvariance (rangingfromdiscounts to premiums)dependsonchannelcontrol andmarketappetite. The chartbelowdisplays theaveragepricedifferencebetweengrey-marketand officialretailpricesforhandbagsin 2025. -50%~-30% Below-50% Above-30% •Mid exposure through wholesalechannels•Occasionally offer discounts•Price differentials across regions•Fluctuating demand across modelsand availability •Strict channel control•Rare or no public discounts•High market demand•Some products perceived to have“investment value” •Mid to high exposure throughwholesale channels•Some brands offer year-rounddiscounts•Oversupply compared withdemand In a cautious climate, consumers gravitate toward either top-tier optionsor strong value-for-money deals •Premium andabsoluteluxuryproductsstillaccountfor themajorityofgreymarketsales. •Consumersarebecomingincreasinglyprice-conscious,drivingcontinuedgrowthin thegreymarketas apreferreddiscountedchannel. •Demandforbothentry-levelandabsoluteluxuryproductshasrisen. Incontrast, sales for itemspricedbetween3,500 and 14,000 RMB, arangedominatedbyaspirationalluxurygoods, havecontracted. Bigger implied discounts emerge as official prices rise while grey-marketlevels hold–a sign of demand fatigue •Formosticonicmodels,pricesongreymarketplatforms haveremainedflat over theyears,withonlyslightfluctuations. Brand: Saint LaurentProduct:LE 5 À 7 InSmoothLeatherPrice (Mainland China): RMB 18,800 •Most brands haveimplementedwavesofpriceincreases,creatingawideninggapbetweengreychannelsand brand-ownedchannels. •Theheighteneddiscountlevelsalsocorrespondwithsofteningdemandacrossbothdiscountedand full-pricechannels. Thewideningpriceoverlapbetweenluxuryand premium intensifies directcompetitionbetweenthetwosegments •Whileluxuryite