Luxury good consumption has continuously decreased for 6 quarters, high-end luxury shopping malls are lowering their stance.

After experiencing a period of explosive growth, the luxury goods consumption in China has shown a phenomenon of "not selling" in the past two years. According to a research report released by Bain & Company, as the two core luxury goods markets, China and the United States have both experienced a decline in recent years, with the Chinese market recording negative growth for six consecutive quarters. In the first half of 2025, the operating income and net profit of major luxury goods groups have shown a downward trend. Brands have felt the cold and are passing it on to property owners, seeking reduced rents, subsidies, or more operational support. The malls, which are closely connected with brands, are continuously "empowering" brands while also capturing the changing trends in luxury goods sales. The increasing consumer demand for experiences, emotions, culture, and relevance, as well as the merging and blurring of consumer profiles, are also being observed behind the decline in luxury goods sales.