Chinese consumers have been avoiding some purchases because of 'luxury shame,' Bain analysts said. And some have been making their big luxury buys in Japan instead, benefitting from the weak yen.
Hugo Boss, Burberry, Richemont, and Swatch have highlighted slumping sales in China, with Burberry's mainland China sales falling by 21%. Gerry Murphy attributed this to 'deteriorating consumer confidence.'
Swiss watch group Swatch expects the Chinese market to remain challenging for the luxury goods industry until the end of the year. Economic growth slowdown and decreased spending contribute to the struggling luxury market in China.
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