伯恩斯坦：2026年全球奢侈品行业：中国零售网络动态报告（英文版）

A confluence of factors has caused luxury sales in Mainland China to retreat to pre-pandemic levels. Chinese consumers, faced with tightening income prospects, havegrown more discerning. Those seeking deals have flocked to Japan and South Korea tocapture FX-driven price gaps. Value-conscious middle class consumers who choose tostay at home now have a wider array of local and aspirational brands to trade down to (seeGlobal Luxury Goods: 10 Key Takeaways from Our Trip to China and Global Luxury