China's luxury rebound slows amid economic uncertainty
• China's luxury goods market rebounded 12% in 2023 after a 10% decline in 2022, but growth slowed in the second half due to economic uncertainty and increased overseas shopping
• Sales are estimated to have accounted for 22-24% of global luxury spending in 2023, with expectations to reach 35-40% by 2030
• Fashion, lifestyle products, and jewelry led the recovery with 15-20% growth, while watch sales were softer at 5-10%
• Average spending per luxury shopper fell over 25% likely due to fewer discounts, less daigou activity, and more rational spending
• Consumption by middle-class consumers remains key for luxury brands, but the group has been impacted by property and stock market weakness