Western brands under pressure as 'pre-owned' luxury booms in China
Western brands under pressure as 'pre-owned' luxury booms in China
China's slowing economy is weighing on Western luxury brands, with Louis Vuitton closing five stores in mainland China over the past two years, while Galeries Lafayette shut its Beijing flagship in May.
As shoppers tighten their belts, China's secondhand luxury market grew by 15 to 20 per cent in 2025, even as the country's personal luxury market contracted by 3 to 5 per cent.
At a secondhand luxury store in Shanghai, shoppers browse pre-owned handbags, belts and jewellery. "People used to compare who had spent more," said one customer. "But now everyone compares who got a better deal and spent less."
