China’s wealthy shoppers have a new mentality—and it’s terrible news for luxury brands like LVMH and Kering who bet billions on their loyalty
After luxury companies invested billions in China’s market, the country’s consumers turned to new pricey purchases.
![China’s wealthy shoppers have a new mentality—and it’s terrible news for luxury brands like LVMH and Kering who bet billions on their loyalty](https://fortune.com/img-assets/wp-content/uploads/2025/02/GettyImages-528009880-e1739292968684.jpg?w=2048#)