全球奢侈品行业大调查：劳动节客流量保持韧性

Global Luxury Goods Mega-transect: Resilient Labour Day traffic We return to 10 luxury malls across four Chinese cities to take stock of foot traffic during theLabour Day holiday. We continue to observe strong performance at LVMH and Chanel, and Luca Solca+41 582 723 126luca.solca@bernsteinsg.com Store traffic in Mainland China and Hong Kong continues to recover from 2025’slows.Overall traffic across the 10 luxury malls we track fell by -5% vs. CNY’26, but remains+36% higher than the average traffic level observed over 2025’s key holiday periods (CNY‘25, National Day‘25) - see Global Luxury Goods Mega-transect: Strong Lunar New Year2026 foot traffic points to a gradual recovery. No data was collected in May’25, limiting our Maria Meita+44 20 7170 0540maria.meita@bernsteinsg.com Yi-Peng Khoo, CFA+44 20 7676 6822yi-peng.khoo@bernsteinsg.com Eric Chen, CFA+852 2123 2628eric.chen@bernsteinsg.com LVMH and Chanel continue to absorb the bulk of traffic.LVMH saw 518 customers inand outside its stores (-34 below the 552 counted in CNY’26). Chanel saw 145 (-41). Bothoutgrew the market with +44% and +52% growth vs. their 2025 average. Louis Vuitton,Chanel, and Dior were the three most popular brands by our count. Again, despite a slightdecline vs. CNY’26, we continue to view the overall picture as positive, with a highlight on Specialist Sales Alix Turner+44 20 7762 4044alix.turner@bernsteinsg.com We observe a notable acceleration in traffic at Richemont.Richemont takes third placewhen aggregating traffic by Group, enjoying a +37 increase in customers vs. CNY’26 and+84% vs. the 2025 average. Both Cartier and Van Cleef & Arpels saw a sequential increase Stronger traffic at Cartier and Van Cleef & Arpels seems brand-specific.Mostother Western hard luxury brands experienced a sequential decline in foot traffic. It is also unlikely that this is FX-driven: regional price gaps have started to widen again afterRichemont’s pre-CNY’26 JP and KR local price increases. One suspects that the falling goldprice, which would leave gold-heavy Chinese competitors in relative disfavor, improvingfundamentals, spurred by new local management at Cartier and new collections like the Traffic growth at Hermès continues to under-perform the market.We counted +8more customers in Hermès’ stores sequentially, but only +4% vs. the 2025 average. Trafficremains a far cry from the >100 customers counted during Golden Week’24. In contrast,Louis Vuitton, Chanel, Dior, and Brunello Cucinelli have all returned to or exceeded the samebenchmark. We continue to believe that 2026’s creative explosion at Chanel and Dior could The view on Burberry remains positive, Kering neutral, the view on Prada poor.Trafficat Burberry takes a step down sequentially but remains +88% above the 2025 average -self-help continues, but potentially at a slower pace. Kering, as a Group, underperformedthe market - brand reignition at Gucci has yet to materialize (see Kering: In search of BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS We caution that our analysis only reflects a single timeframe sample. Traffic, moreover, is but one component of retail storeproductivity; conversions and merchandising matter too, while spending by UHNWI or VICs is not captured. We note that the data collected for Shanghai seems anomalously high relative to the trends observed in Beijing, Chengdu andHong Kong. We did not see any significant landlord-driven promotional activity. To provide greater analytical clarity, we providethe same rankings and data tables, but exclude the data from Shanghai. This leads to a larger drop sequential fall in traffic, but We continue to see Louis Vuitton, Chanel, Dior, Cartier and Van Cleef and Arpels (owned by Richemont) significantlyoutperforming the market. Hermès, Kering, and Prada continue to underperform, while Burberry still delivers a relatively positive Physical retail is by far the most important distribution channel for luxury brands, despite the rapid growth of online sales.This report is part of our global "mega-transect series" in which we roll up our sleeves, wear our sneakers and walk to the fourcorners of the world to visit the most influential luxury goods high streets and shopping malls. The idea is to produce more Previously in the same series:May 2021: Beijing, New York, London & Hong Kong, Chengdu,June 2021: Hangzhou, Shanghai,Shenzhen, Madrid, Milan, 'Luxury New Retail',July 2021: Marbella,August 2021: Shanghai,Beijing,Chengdu,September 2021:Madrid,October 2021: New York,January 2022:Shanghai, Chengdu, London, Beijing,April 2022:Chengdu, Beijing,June2022:Shanghai, Chengdu,October2022:Chengdu, Shanghai, Beijing, Hong Kong,Jan 2023:Shanghai, Beijing, Paris, Chengdu,Hong Kong,April 2023: Beijing, Hong Kong,May 2023: Chengdu, Shanghai,August 2023: Paris.October 2023: Shanghai,Hong Kong, Chengdu, New York, Beijing,February 2024: Beijing, Shanghai, Hong Kong.May 2024: Shanghai, Chengdu, HongKong.October 2024: Shanghai, Hong Kong a