Leading global luxury brands are under pressure as Chinese shoppers increasingly buy secondhand luxury goods or domestic brands. According to Bain & Company, China's personal luxury market fell as much as 19% in 2024 and shrank another 3-5% last year, while the secondhand luxury market grew 15-20%. Louis Vuitton has closed 5 stores in mainland China over the past two years, and Galeries Lafayette had to halt its flagship Beijing store in May. Bank of America's Chen Luo says buyers are moving away from luxury as a status symbol toward personal identity, experience and emotional value, while digital and social media increasingly shape the market. LVMH's copyright win against Chinese drinks chain Molly Tea over a four-petal flower motif sparked backlash, as users and state media noted the monogram shares roots with traditional Chinese patterns, and LVMH admitted the controversy had a negative impact; analysts say China remains important even if it may not drive growth over the next 2-3 years.
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Original headline: Hàng xa xỉ phương Tây loay hoay giữ chỗ đứng tại Trung Quốc
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