China was once the driving force behind the $380 billion luxury goods industry, but today it’s become a source of significant losses. A post-Covid economic downturn, shifting youth values, and rising nationalism have led to declining sales and a growing preference for domestic luxury brands. As European giants struggle, only ultra-high-end and culturally localized brands are managing to stay afloat in a changing Chinese market.
Chapters:
00:00 Introduction
00:25 Losing China
01:19 The rise of local brands
2:10 A declining luxury segment
2:50 Looking ahead
Reporting by: Robert Frank
Senior Producer: Nick Robertson
Senior Managing Producer: Tala Hadavi
Edited by: Tim Hurt
Additional Footage: Getty Images
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Why China Is Behind The Global Luxury Slowdown
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