China’s deepening economic slowdown is reshaping domestic consumption for high-end handbags and humble burgers.
Recent earnings releases point to stronger sales for prestige beauty brands like Estée Lauder, while companies such as LVMH reported largely flat demand for traditional luxury staples like handbags.
The shift reflects the tastes of a more price-sensitive and discerning Chinese consumer, a Bloomberg columnist noted. Meanwhile, China’s burger market is set to grow 8.7% annually through 2035, underscoring broader economic trends toward smaller, one-person households and cost-conscious consumers.
At both ends of the market, shoppers are now favoring higher-value-for-money products as a prolonged property slump and weaker confidence “make price tags ever more decisive,” Reuters wrote.