China luxury market
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Luxury Spending Rebounds on Qixi Festival, Consumers Still Eyeing Value
China’s luxury market is rebounding, driven by Qixi Festival gifting. Apparel, shoes, and handbags are popular choices, with e-commerce platforms seeing increased sales. However, consumers prioritize value, seeking discounts and cost-effectiveness. E-tailers are capitalizing on this trend with sales events, offering luxury goods at significantly reduced prices. This shift reflects a broader consumer behavior, where cost-effectiveness and emotional satisfaction are key drivers, particularly among younger shoppers moving away from purely expensive items. China’s gift economy continues to grow, projected to reach ¥1.6197 trillion by 2027.
