Logos are no-gos: China's appetite for luxury goods is changing

单集文稿 ...

• 00:00

  China's love for all things bling is well known.

• 00:20

  As the country got richer,

• 00:22

  its middle class started splurging on designer handbags,

• 00:25

  high-end watches, and fancy skincare.

• 00:29

  Even during the pandemic,

• 00:30

  when luxury markets were faltering,

• 00:32

  China's luxury malls were brimming with shoppers

• 00:35

  and sales figures soared to record highs.

• 00:38

  All this led to predictions

• 00:40

  that 2025 would see China become the world's largest luxury goods market.

• 00:46

  But that's changed.

• 00:48

  Last year,

• 00:49

  luxury sales saw the sharpest decline in a decade.

• 00:53

  Part of that is down to China's miserable economy.

• 00:56

  But there's a deeper shift underway.

• 00:59

  I'm Jiahao Chen,

• 01:00

  The Economist's China researcher and Drum Tower producer.

• 01:03

  This week, I'm joined by Don Wineland,

• 01:06

  our China business and finance editor.

• 01:08

  And we're asking,

• 全部文稿