伯恩斯坦：2026年全球奢侈品：中国之行的10个关键要点（英文版）

1. Chinese luxury demand is stabilising from a weak base and remains highly polarised, with very strong top-end spending and still-fragile middle-class demand. The high end continues to spend on luxury goods, travel and hospitality, but this is not translating into a broad-based rebound, as middle-income consumers remain cautious, more selective and less willing to stretch for big-ticket, logo-heavy purchases. 2. Hong Kong is a bright spot, supported by local consumers and the return of touri