<p>根据贝恩公司的《中国个人奢侈品报告》，2025 年中国大陆个人奢侈品市场收缩了 3%–5%，与 2024 年出现的急剧下降相比，显著减缓。尽管消费者信心在大部分时间内保持谨慎，但市场在年第三季度显示出早期复苏的迹象，这得益于有利的基数效应——将 2025 年下半年与 2024 年同期进行比较——以及更强劲的股市和情绪的逐步改善。</p>
<p>报告发现，2025 年是中国奢侈品市场的重新校准之年，消费者变得更加挑剔，优先考虑那些兼顾质量、独特性和实用性的价值驱动奢侈品。基于体验的消费，包括旅行和健康，继续受到青睐，反映出消费者对情感和感官体验的持续偏好，而非物质商品。</p>
<p>贝恩公司高级合伙人布鲁诺·兰尼斯表示：“在经历了 2024 年的动荡后，2025 年的市场开始稳定，尽管消费者信心仍然脆弱。我们看到的不是广泛的反弹，而是重新校准阶段的开始，年下半年出现了早期复苏的迹象。这种重新校准也是特定于细分市场的，重要客户仍然占据市场的很大份额，而年轻的潜在消费者则推迟了进入奢侈品类别的时间。”</p>
<p><strong>各类别表现不均</strong> 奢侈品市场的表现因类别而异。美容类产品成为表现最强的类别，增长回升至 4%–7%，这得益于对超高端护肤品和香水的稳定需求，因为消费者在经济不确定性中仍然寻求情感和感官体验。其他类别仍然面临压力。</p>
<p>时尚类产品下降了 5%–8%，表现优于皮革制品，后者下降了 8%–11%——反映出过去和持续的价格上涨以及有限的创新，使消费者难以合理化购买。手表类产品面临严重压力，预计下降幅度为 14%–17%，因为消费者在购买时变得更加理性，越来越多地转向其他投资资产、二手替代品以及运动或智能设备选项。与 2024 年相比，珠宝类产品有所改善，下降幅度缩小至 0%–5%，得益于价值保全的考虑和黄金价格的上涨。</p>
<p>贝恩公司合伙人普里西拉·德尔奥托表示：“在一个更加挑剔的市场中，各类别的动态和品牌基本面变得越来越决定性。那些保持强大吸引力并通过创新和有针对性的定价策略提供明确价值的品牌正在证明更具韧性。”</p>
<p><strong>海外消费下降，消费回流</strong> 与 2023 年和 2024 年相比，2025 年海外奢侈品消费的份额急剧下降。贝恩估计，65% 的中国奢侈品消费发生在中国大陆，而 35% 发生在海外，反映出消费回流的程度有所恢复。</p>
<p>这一变化部分是由于低汇率和中国大陆与主要奢侈品市场之间的价格差距缩小，主要是由于汇率波动，减少了海外购物的诱因。国内旅游的增长和持续的购物中心促销进一步支持了大陆消费，尽管出境旅游仍在恢复中。</p>
<p><strong>代购活动受限，二手市场扩张</strong> 2025 年代购活动仍然活跃，但显示出结构性约束的迹象，反映出品牌在加强对灰色市场销售的监管、保护品牌价值和维护中国大陆的定价完整性方面的努力。根据 Re-Hub 对代购平台上前 45 个品牌的跟踪，2025 年销售增长了 3%，而 2024 年为 5%，因为更多品牌加强了对海外供应链和非官方渠道的控制。</p>
<p>与此同时，中国的二手奢侈品市场继续扩张，2025 年增长了 15%–20%，但在主要奢侈品市场中仍然渗透率不足 10%。增长得益于二手商品供应的增加、消费者接受度的提高——尤其是在年轻和更注重价格的买家中——以及直播作为可信的产品验证和互动渠道的广泛采用。</p>
<p>贝恩公司合伙人艾尔·杨表示：“二手市场正在成为中国奢侈品生态系统中一个更为成熟和互补的支柱。其持续增长反映了消费者心态的变化以及整体市场的日益成熟。”</p>
<p><strong>在更具选择性的竞争环境中，本土品牌获得关注</strong> 报告还强调了本土中国奢侈品牌的持续崛起，特别是在美容和特定个人奢侈品类别中。这些品牌通过文化相关的产品美学、数字优先和以参与为导向的消费策略以及通过本地获取原材料和供应链实现的竞争性定价获得市场份额。</p>
<p>随着低增长环境中竞争的加剧，赢家与落后者之间的差距正在扩大，消费者将支出集中在少数能够提供 “真实价值” 的首选品牌上。</p>
<p><strong>2026 年展望</strong> 展望未来，贝恩预计中国个人奢侈品市场在 2026 年将实现适度增长，尽管仍将面临波动和不确定性。不断增长的中产阶级、改善的消费者信心和有利政策预计将帮助将更多奢侈品消费引导回大陆，而增长将高度依赖于类别和品牌。</p>
<p><strong>媒体联系人：</strong></p>
<p>丹·平基（波士顿）— [email protected]</p>
<p>加里·邓肯（伦敦）— [email protected]</p>
<p>安·李（新加坡）— [email protected]</p>
<p><strong>关于贝恩公司</strong> 贝恩公司是一家全球咨询公司，帮助世界上最有雄心的变革者定义未来。</p>
<p>在 40 个国家的 65 个城市中，我们与客户携手合作，作为一个团队，共同追求卓越的成果，超越竞争对手，重新定义行业。我们将量身定制的综合专业知识与充满活力的数字创新生态系统相结合，以提供更好、更快和更持久的结果。我们承诺在 10 年内投资超过 10 亿美元用于公益服务，将我们的才华、专业知识和洞察力带给那些应对当今教育、种族平等、社会正义、经济发展和环境等紧迫挑战的组织。我们获得了 EcoVadis 的铂金评级，这是全球供应链环境、社会和道德绩效评级的领先平台，使我们跻身所有公司的前 1%。自 1973 年成立以来，我们以客户的成功来衡量我们的成功，并自豪地保持行业内最高水平的客户倡导。</p>
<p>来源：贝恩公司</p>
<p><img src="https://imageproxy.pbkrs.com/https://rt.prnewswire.com/rt.gif/query-RGF0ZUlkPTIwMjYwMTI5Jk5ld3NJdGVtSWQ9TkU3Mzk4MCZUcmFuc21pc3Npb25fSWQ9MjAyNjAxMjkwMjA1UFJfTkVXU19VU1BSX19fX19ORTczOTgw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://rt.prnewswire.com/rt.gif/query-RGF0ZUlkPTIwMjYwMTI5Jk5ld3NJdGVtSWQ9TkU3Mzk4MCZUcmFuc21pc3Npb25fSWQ9MjAyNjAxMjkwMjA1UFJfTkVXU19VU1BSX19fX19ORTczOTgw"/></p>

上证指数

深证成指

恒生指数

<p>中国的个人奢侈品市场在 2025 年收缩了 3%-5%，在 2024 年大幅下滑后显示出复苏迹象。消费者信心依然谨慎，但在 2025 年第三季度出现了早期复苏迹象，受到强劲股市的支持。美容产品表现最佳，增长率为 4%-7%，而时尚和皮革制品则出现下滑。国内奢侈品消费增加，其中 65% 发生在中国大陆。二手奢侈品市场增长了 15%-20%，反映出消费者偏好的变化。地方品牌在竞争激烈的市场中逐渐获得关注，强调价值和文化相关性</p>

<p>, /PRNewswire/ -- The mainland China personal luxury goods market contracted by 3%–5% in 2025, a significant moderation compared with the sharp decline seen in 2024, according to Bain &amp; Company's China Personal Luxury Report. While consumer confidence remained cautious for much of the year, the market showed early signs of recovery in the third quarter of the year, supported by favorable base effects – when comparing H2 2025 with the same period in 2024 – alongside a more robust stock market and a gradual improvement in sentiment.</p>
<div class="lb-trans"><p>根据贝恩公司的《中国个人奢侈品报告》，2025 年中国大陆个人奢侈品市场收缩了 3%–5%，与 2024 年出现的急剧下降相比，显著减缓。尽管消费者信心在大部分时间内保持谨慎，但市场在年第三季度显示出早期复苏的迹象，这得益于有利的基数效应——将 2025 年下半年与 2024 年同期进行比较——以及更强劲的股市和情绪的逐步改善。</p>
</div><p>The report finds that 2025 marked a year of recalibration for China's luxury market, as consumers became more selective and prioritized value driven luxury items that balance quality, exclusivity and practicality. Experience-based consumption, including travel and wellness, continued to be favored, reflecting an ongoing preference for emotional and sensory experiences over material goods.</p>
<div class="lb-trans"><p>报告发现，2025 年是中国奢侈品市场的重新校准之年，消费者变得更加挑剔，优先考虑那些兼顾质量、独特性和实用性的价值驱动奢侈品。基于体验的消费，包括旅行和健康，继续受到青睐，反映出消费者对情感和感官体验的持续偏好，而非物质商品。</p>
</div><p>&#34;After the turbulence of 2024, the market in 2025 began to stabilize, although consumer confidence remained fragile,&#34; said Bruno Lannes, senior partner at Bain &amp; Company. &#34;What we are seeing is not a broad-based rebound, but the start of a recalibration phase, with early signs of recovery emerging in the second half of the year. This recalibration is also segment specific, with the Very Important Clients continuing to represent a large share of the market, while younger aspiring consumers have delayed entry into the luxury category.&#34;</p>
<div class="lb-trans"><p>贝恩公司高级合伙人布鲁诺·兰尼斯表示：“在经历了 2024 年的动荡后，2025 年的市场开始稳定，尽管消费者信心仍然脆弱。我们看到的不是广泛的反弹，而是重新校准阶段的开始，年下半年出现了早期复苏的迹象。这种重新校准也是特定于细分市场的，重要客户仍然占据市场的很大份额，而年轻的潜在消费者则推迟了进入奢侈品类别的时间。”</p>
</div><p><strong>Category performance remains uneven</strong> Luxury market performance varied significantly by category. Beauty emerged as the strongest performer, rebounding to 4%–7% growth, driven by steady demand for ultra-premium skincare and fragrances as consumers continued to seek emotional and sensory experiences even amid economic uncertainty. Other categories remained under pressure.</p>
<div class="lb-trans"><p><strong>各类别表现不均</strong> 奢侈品市场的表现因类别而异。美容类产品成为表现最强的类别，增长回升至 4%–7%，这得益于对超高端护肤品和香水的稳定需求，因为消费者在经济不确定性中仍然寻求情感和感官体验。其他类别仍然面临压力。</p>
</div><p>Fashion declined by 5%–8%, outperforming leather goods which declined 8%–11% – reflecting past and ongoing price increases and limited innovation, which made it difficult for consumers to justify purchases. Watches remained under severe pressure, with an estimated decline of 14%–17%, as consumers became more rational in their purchases and increasingly turned to other investment assets, secondhand alternatives and sporty or smart-device options. Jewelry showed improvement compared with 2024, with its decline narrowing to 0%–5%, supported by value-preservation considerations and rising gold prices.</p>
<div class="lb-trans"><p>时尚类产品下降了 5%–8%，表现优于皮革制品，后者下降了 8%–11%——反映出过去和持续的价格上涨以及有限的创新，使消费者难以合理化购买。手表类产品面临严重压力，预计下降幅度为 14%–17%，因为消费者在购买时变得更加理性，越来越多地转向其他投资资产、二手替代品以及运动或智能设备选项。与 2024 年相比，珠宝类产品有所改善，下降幅度缩小至 0%–5%，得益于价值保全的考虑和黄金价格的上涨。</p>
</div><p>&#34;In a more selective market, category dynamics and brand fundamentals are becoming increasingly decisive,&#34; said Priscilla Dell'Orto, partner at Bain &amp; Company. &#34;Brands that maintain strong desirability and deliver clear value through innovation and targeted pricing strategies are proving more resilient.&#34;</p>
<div class="lb-trans"><p>贝恩公司合伙人普里西拉·德尔奥托表示：“在一个更加挑剔的市场中，各类别的动态和品牌基本面变得越来越决定性。那些保持强大吸引力并通过创新和有针对性的定价策略提供明确价值的品牌正在证明更具韧性。”</p>
</div><p><strong>Overseas spending declines as consumption repatriates</strong> In contrast to 2023 and 2024, the share of overseas luxury spending declined sharply in 2025. Bain estimates that 65% of Chinese luxury consumption occurred within mainland China, while 35% took place outside, reflecting a renewed degree of consumption repatriation.</p>
<div class="lb-trans"><p><strong>海外消费下降，消费回流</strong> 与 2023 年和 2024 年相比，2025 年海外奢侈品消费的份额急剧下降。贝恩估计，65% 的中国奢侈品消费发生在中国大陆，而 35% 发生在海外，反映出消费回流的程度有所恢复。</p>
</div><p>This shift was driven in part by low currency and narrowed price gaps between mainland China and key luxury markets, largely resulting from exchange-rate movements, which reduced the incentive for overseas shopping. Domestic tourism growth and ongoing shopping mall promotions further supported mainland consumption, despite the continued recovery of outbound travel.</p>
<div class="lb-trans"><p>这一变化部分是由于低汇率和中国大陆与主要奢侈品市场之间的价格差距缩小，主要是由于汇率波动，减少了海外购物的诱因。国内旅游的增长和持续的购物中心促销进一步支持了大陆消费，尽管出境旅游仍在恢复中。</p>
</div><p><strong>Daigou activity restrained as secondhand market expands</strong> Daigou activity remained elevated in 2025 but showed signs of structural restraint, reflecting brands' increased efforts to regulate gray-market sales, protect brand equity and maintain pricing integrity in mainland China. Sales among the top 45 brands tracked on daigou platforms by Re-Hub rose by 3% in 2025, compared with 5% in 2024, as more brands tightened control over overseas supply chains and unofficial channels.</p>
<div class="lb-trans"><p><strong>代购活动受限，二手市场扩张</strong> 2025 年代购活动仍然活跃，但显示出结构性约束的迹象，反映出品牌在加强对灰色市场销售的监管、保护品牌价值和维护中国大陆的定价完整性方面的努力。根据 Re-Hub 对代购平台上前 45 个品牌的跟踪，2025 年销售增长了 3%，而 2024 年为 5%，因为更多品牌加强了对海外供应链和非官方渠道的控制。</p>
</div><p>At the same time, China's secondhand luxury market continued to expand, growing by 15%–20% in 2025, while remaining underpenetrated at less than 10% of the primary luxury market. Growth was supported by an increased supply of pre-owned goods, rising consumer acceptance – particularly among younger and more price-sensitive buyers – and the widespread adoption of livestreaming as a trusted channel for product verification and engagement.</p>
<div class="lb-trans"><p>与此同时，中国的二手奢侈品市场继续扩张，2025 年增长了 15%–20%，但在主要奢侈品市场中仍然渗透率不足 10%。增长得益于二手商品供应的增加、消费者接受度的提高——尤其是在年轻和更注重价格的买家中——以及直播作为可信的产品验证和互动渠道的广泛采用。</p>
</div><p>&#34;The secondhand market is becoming a more established and complementary pillar of China's luxury ecosystem,&#34; said Elle Yang, partner at Bain &amp; Company. &#34;Its continued growth reflects changing consumer mindsets as well as the increasing maturity of the overall market.&#34;</p>
<div class="lb-trans"><p>贝恩公司合伙人艾尔·杨表示：“二手市场正在成为中国奢侈品生态系统中一个更为成熟和互补的支柱。其持续增长反映了消费者心态的变化以及整体市场的日益成熟。”</p>
</div><p><strong>Local brands gain traction in a more selective competitive landscape</strong> The report also highlights the continued rise of local Chinese luxury players, particularly in beauty and select personal luxury categories. These brands are gaining share through culturally relevant product aesthetics, digital-first and engagement-oriented go-to-consumer strategies as well as competitive price positioning enabled by local access to inputs and supply chains.</p>
<div class="lb-trans"><p><strong>在更具选择性的竞争环境中，本土品牌获得关注</strong> 报告还强调了本土中国奢侈品牌的持续崛起，特别是在美容和特定个人奢侈品类别中。这些品牌通过文化相关的产品美学、数字优先和以参与为导向的消费策略以及通过本地获取原材料和供应链实现的竞争性定价获得市场份额。</p>
</div><p>As competition intensifies in a low-growth environment, the gap between winners and laggards is widening, with consumers consolidating their spending toward a smaller number of preferred brands that deliver perceived &#34;true value.&#34;</p>
<div class="lb-trans"><p>随着低增长环境中竞争的加剧，赢家与落后者之间的差距正在扩大，消费者将支出集中在少数能够提供 “真实价值” 的首选品牌上。</p>
</div><p><strong>Outlook for 2026</strong> Looking ahead, Bain expects China's personal luxury goods market to see modest growth in 2026, albeit with continued volatility and uncertainty. A growing middle class, improving consumer confidence and favorable policies are expected to help direct more luxury consumption back to the mainland, while growth will remain highly category- and brand-dependent.</p>
<div class="lb-trans"><p><strong>2026 年展望</strong> 展望未来，贝恩预计中国个人奢侈品市场在 2026 年将实现适度增长，尽管仍将面临波动和不确定性。不断增长的中产阶级、改善的消费者信心和有利政策预计将帮助将更多奢侈品消费引导回大陆，而增长将高度依赖于类别和品牌。</p>
</div><p><strong>Media contacts:</strong></p>
<div class="lb-trans"><p><strong>媒体联系人：</strong></p>
</div><p>Dan Pinkney (Boston) — [email protected]</p>
<div class="lb-trans"><p>丹·平基（波士顿）— [email protected]</p>
</div><p>Gary Duncan (London) — [email protected]</p>
<div class="lb-trans"><p>加里·邓肯（伦敦）— [email protected]</p>
</div><p>Ann Lee (Singapore) — [email protected]</p>
<div class="lb-trans"><p>安·李（新加坡）— [email protected]</p>
</div><p><strong>About Bain &amp; Company</strong> Bain &amp; Company is a global consultancy that helps the world's most ambitious change makers define the future.</p>
<div class="lb-trans"><p><strong>关于贝恩公司</strong> 贝恩公司是一家全球咨询公司，帮助世界上最有雄心的变革者定义未来。</p>
</div><p>Across 65 cities in 40 countries, we work alongside our clients as one team with a shared ambition to achieve extraordinary results, outperform the competition, and redefine industries. We complement our tailored, integrated expertise with a vibrant ecosystem of digital innovators to deliver better, faster, and more enduring outcomes. Our 10-year commitment to invest more than $1 billion in pro bono services brings our talent, expertise, and insight to organizations tackling today's urgent challenges in education, racial equity, social justice, economic development, and the environment. We earned a platinum rating from EcoVadis, the leading platform for environmental, social, and ethical performance ratings for global supply chains, putting us in the top 1% of all companies. Since our founding in 1973, we have measured our success by the success of our clients, and we proudly maintain the highest level of client advocacy in the industry.</p>
<div class="lb-trans"><p>在 40 个国家的 65 个城市中，我们与客户携手合作，作为一个团队，共同追求卓越的成果，超越竞争对手，重新定义行业。我们将量身定制的综合专业知识与充满活力的数字创新生态系统相结合，以提供更好、更快和更持久的结果。我们承诺在 10 年内投资超过 10 亿美元用于公益服务，将我们的才华、专业知识和洞察力带给那些应对当今教育、种族平等、社会正义、经济发展和环境等紧迫挑战的组织。我们获得了 EcoVadis 的铂金评级，这是全球供应链环境、社会和道德绩效评级的领先平台，使我们跻身所有公司的前 1%。自 1973 年成立以来，我们以客户的成功来衡量我们的成功，并自豪地保持行业内最高水平的客户倡导。</p>
</div><p>SOURCE Bain &amp; Company</p>
<div class="lb-trans"><p>来源：贝恩公司</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://rt.prnewswire.com/rt.gif/query-RGF0ZUlkPTIwMjYwMTI5Jk5ld3NJdGVtSWQ9TkU3Mzk4MCZUcmFuc21pc3Npb25fSWQ9MjAyNjAxMjkwMjA1UFJfTkVXU19VU1BSX19fX19ORTczOTgw" alt="" original-src="https://rt.prnewswire.com/rt.gif?NewsItemId=NE73980&amp;Transmission_Id=202601290205PR_NEWS_USPR_____NE73980&amp;DateId=20260129"/></p>

中国个人奢侈品市场在 2025 年收缩 3%-5%，但已显示出复苏的迹象