‘Luxury-phobia’ is turning the Chinese away from conspicuous consumption and toward ‘local hero’ domestic brands

1 week ago 17

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An emerging stigmatization of wealth flaunting and a growing preference for more economical homegrown labels — exacerbated by stagnant property values — are red flags for the luxe Western brands that have long counted on China’s vast consumer market as a growth engine.

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‘Luxury-phobia’ is turning the Chinese away from conspicuous consumption and toward ‘local hero’ domestic brands

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