China Luxury Market Boom

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luxury goods

Reuters

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China's booming grey markets add woes to luxury brands

Summary

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80% Informative

China 's second -hand and grey markets for luxury goods are booming, as price hikes from luxury brands in a weak economy are prompting some shoppers to look for cheaper ways to buy them.

LVMH, the world's biggest luxury group, reported a 3% fall in quarterly profit last week , undershooting estimates in its first decline in quarterly sales since the pandemic as demand in China and Japan weakened.

The growth of the second hand market, parallel imports and other grey markets, locally known as 'daigou' trade, is fuelled by the country's slowing economy.

VR Score

Informative language

Neutral language

Article tone

formal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful