Why China Is Behind The Global Luxury Slowdown

China was once the driving force behind the $380 billion luxury goods industry, but today it’s become a source of significant losses. A post-Covid economic downturn, shifting youth values, and rising nationalism have led to declining sales and a growing preference for domestic luxury brands. As European giants struggle, only ultra-high-end and culturally localized brands are managing to stay afloat in a changing Chinese market. Chapters: 00:00 Introduction 00:25 Losing China 01:19 The rise of local brands 2:10 A declining luxury segment 2:50 Looking ahead Reporting by: Robert Frank Senior Producer: Nick Robertson Senior Managing Producer: Tala Hadavi Edited by: Tim Hurt Additional Footage: Getty Images