China’s personal luxury market contracted 3–5 per cent in 2025, moderating from 2024’s sharp decline, as the sector entered a recalibration phase, Bain said.
Consumers became more selective, favouring value-driven and experience-based luxury.
Domestic spending rose, overseas purchases fell, daigou slowed, and second-hand and local brands gained share.China’s personal luxury market contracted 3–5 per cent in 2025, moderating from 2024’s sharp decline, as the sector entered a recalibration phase, Bain said.
Consumers became more selective, favouring value-driven and experience-based luxury.
Domestic spending rose, overseas purchases fell, daigou slowed, and second-hand and local brands gained share.
