<p>根據貝恩公司的《中國個人奢侈品報告》，2025 年中國大陸個人奢侈品市場收縮了 3%–5%，與 2024 年出現的急劇下降相比，顯著減緩。儘管消費者信心在大部分時間內保持謹慎，但市場在年第三季度顯示出早期復甦的跡象，這得益於有利的基數效應——將 2025 年下半年與 2024 年同期進行比較——以及更強勁的股市和情緒的逐步改善。</p>
<p>報告發現，2025 年是中國奢侈品市場的重新校準之年，消費者變得更加挑剔，優先考慮那些兼顧質量、獨特性和實用性的價值驅動奢侈品。基於體驗的消費，包括旅行和健康，繼續受到青睞，反映出消費者對情感和感官體驗的持續偏好，而非物質商品。</p>
<p>貝恩公司高級合夥人布魯諾·蘭尼斯表示：“在經歷了 2024 年的動盪後，2025 年的市場開始穩定，儘管消費者信心仍然脆弱。我們看到的不是廣泛的反彈，而是重新校準階段的開始，年下半年出現了早期復甦的跡象。這種重新校準也是特定於細分市場的，重要客户仍然佔據市場的很大份額，而年輕的潛在消費者則推遲了進入奢侈品類別的時間。”</p>
<p><strong>各類別表現不均</strong> 奢侈品市場的表現因類別而異。美容類產品成為表現最強的類別，增長回升至 4%–7%，這得益於對超高端護膚品和香水的穩定需求，因為消費者在經濟不確定性中仍然尋求情感和感官體驗。其他類別仍然面臨壓力。</p>
<p>時尚類產品下降了 5%–8%，表現優於皮革製品，後者下降了 8%–11%——反映出過去和持續的價格上漲以及有限的創新，使消費者難以合理化購買。手錶類產品面臨嚴重壓力，預計下降幅度為 14%–17%，因為消費者在購買時變得更加理性，越來越多地轉向其他投資資產、二手替代品以及運動或智能設備選項。與 2024 年相比，珠寶類產品有所改善，下降幅度縮小至 0%–5%，得益於價值保全的考慮和黃金價格的上漲。</p>
<p>貝恩公司合夥人普里西拉·德爾奧托表示：“在一個更加挑剔的市場中，各類別的動態和品牌基本面變得越來越決定性。那些保持強大吸引力並通過創新和有針對性的定價策略提供明確價值的品牌正在證明更具韌性。”</p>
<p><strong>海外消費下降，消費回流</strong> 與 2023 年和 2024 年相比，2025 年海外奢侈品消費的份額急劇下降。貝恩估計，65% 的中國奢侈品消費發生在中國大陸，而 35% 發生在海外，反映出消費回流的程度有所恢復。</p>
<p>這一變化部分是由於低匯率和中國大陸與主要奢侈品市場之間的價格差距縮小，主要是由於匯率波動，減少了海外購物的誘因。國內旅遊的增長和持續的購物中心促銷進一步支持了大陸消費，儘管出境旅遊仍在恢復中。</p>
<p><strong>代購活動受限，二手市場擴張</strong> 2025 年代購活動仍然活躍，但顯示出結構性約束的跡象，反映出品牌在加強對灰色市場銷售的監管、保護品牌價值和維護中國大陸的定價完整性方面的努力。根據 Re-Hub 對代購平台上前 45 個品牌的跟蹤，2025 年銷售增長了 3%，而 2024 年為 5%，因為更多品牌加強了對海外供應鏈和非官方渠道的控制。</p>
<p>與此同時，中國的二手奢侈品市場繼續擴張，2025 年增長了 15%–20%，但在主要奢侈品市場中仍然滲透率不足 10%。增長得益於二手商品供應的增加、消費者接受度的提高——尤其是在年輕和更注重價格的買家中——以及直播作為可信的產品驗證和互動渠道的廣泛採用。</p>
<p>貝恩公司合夥人艾爾·楊表示：“二手市場正在成為中國奢侈品生態系統中一個更為成熟和互補的支柱。其持續增長反映了消費者心態的變化以及整體市場的日益成熟。”</p>
<p><strong>在更具選擇性的競爭環境中，本土品牌獲得關注</strong> 報告還強調了本土中國奢侈品牌的持續崛起，特別是在美容和特定個人奢侈品類別中。這些品牌通過文化相關的產品美學、數字優先和以參與為導向的消費策略以及通過本地獲取原材料和供應鏈實現的競爭性定價獲得市場份額。</p>
<p>隨着低增長環境中競爭的加劇，贏家與落後者之間的差距正在擴大，消費者將支出集中在少數能夠提供 “真實價值” 的首選品牌上。</p>
<p><strong>2026 年展望</strong> 展望未來，貝恩預計中國個人奢侈品市場在 2026 年將實現適度增長，儘管仍將面臨波動和不確定性。不斷增長的中產階級、改善的消費者信心和有利政策預計將幫助將更多奢侈品消費引導回大陸，而增長將高度依賴於類別和品牌。</p>
<p><strong>媒體聯繫人：</strong></p>
<p>丹·平基（波士頓）— [email protected]</p>
<p>加里·鄧肯（倫敦）— [email protected]</p>
<p>安·李（新加坡）— [email protected]</p>
<p><strong>關於貝恩公司</strong> 貝恩公司是一家全球諮詢公司，幫助世界上最有雄心的變革者定義未來。</p>
<p>在 40 個國家的 65 個城市中，我們與客户攜手合作，作為一個團隊，共同追求卓越的成果，超越競爭對手，重新定義行業。我們將量身定製的綜合專業知識與充滿活力的數字創新生態系統相結合，以提供更好、更快和更持久的結果。我們承諾在 10 年內投資超過 10 億美元用於公益服務，將我們的才華、專業知識和洞察力帶給那些應對當今教育、種族平等、社會正義、經濟發展和環境等緊迫挑戰的組織。我們獲得了 EcoVadis 的鉑金評級，這是全球供應鏈環境、社會和道德績效評級的領先平台，使我們躋身所有公司的前 1%。自 1973 年成立以來，我們以客户的成功來衡量我們的成功，並自豪地保持行業內最高水平的客户倡導。</p>
<p>來源：貝恩公司</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>

上證指數

深證成指

恆生指數

<p>中國的個人奢侈品市場在 2025 年收縮了 3%-5%，在 2024 年大幅下滑後顯示出復甦跡象。消費者信心依然謹慎，但在 2025 年第三季度出現了早期復甦跡象，受到強勁股市的支持。美容產品表現最佳，增長率為 4%-7%，而時尚和皮革製品則出現下滑。國內奢侈品消費增加，其中 65% 發生在中國大陸。二手奢侈品市場增長了 15%-20%，反映出消費者偏好的變化。地方品牌在競爭激烈的市場中逐漸獲得關注，強調價值和文化相關性</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>根據貝恩公司的《中國個人奢侈品報告》，2025 年中國大陸個人奢侈品市場收縮了 3%–5%，與 2024 年出現的急劇下降相比，顯著減緩。儘管消費者信心在大部分時間內保持謹慎，但市場在年第三季度顯示出早期復甦的跡象，這得益於有利的基數效應——將 2025 年下半年與 2024 年同期進行比較——以及更強勁的股市和情緒的逐步改善。</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>報告發現，2025 年是中國奢侈品市場的重新校準之年，消費者變得更加挑剔，優先考慮那些兼顧質量、獨特性和實用性的價值驅動奢侈品。基於體驗的消費，包括旅行和健康，繼續受到青睞，反映出消費者對情感和感官體驗的持續偏好，而非物質商品。</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>貝恩公司高級合夥人布魯諾·蘭尼斯表示：“在經歷了 2024 年的動盪後，2025 年的市場開始穩定，儘管消費者信心仍然脆弱。我們看到的不是廣泛的反彈，而是重新校準階段的開始，年下半年出現了早期復甦的跡象。這種重新校準也是特定於細分市場的，重要客户仍然佔據市場的很大份額，而年輕的潛在消費者則推遲了進入奢侈品類別的時間。”</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>各類別表現不均</strong> 奢侈品市場的表現因類別而異。美容類產品成為表現最強的類別，增長回升至 4%–7%，這得益於對超高端護膚品和香水的穩定需求，因為消費者在經濟不確定性中仍然尋求情感和感官體驗。其他類別仍然面臨壓力。</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>時尚類產品下降了 5%–8%，表現優於皮革製品，後者下降了 8%–11%——反映出過去和持續的價格上漲以及有限的創新，使消費者難以合理化購買。手錶類產品面臨嚴重壓力，預計下降幅度為 14%–17%，因為消費者在購買時變得更加理性，越來越多地轉向其他投資資產、二手替代品以及運動或智能設備選項。與 2024 年相比，珠寶類產品有所改善，下降幅度縮小至 0%–5%，得益於價值保全的考慮和黃金價格的上漲。</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>貝恩公司合夥人普里西拉·德爾奧托表示：“在一個更加挑剔的市場中，各類別的動態和品牌基本面變得越來越決定性。那些保持強大吸引力並通過創新和有針對性的定價策略提供明確價值的品牌正在證明更具韌性。”</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>海外消費下降，消費回流</strong> 與 2023 年和 2024 年相比，2025 年海外奢侈品消費的份額急劇下降。貝恩估計，65% 的中國奢侈品消費發生在中國大陸，而 35% 發生在海外，反映出消費回流的程度有所恢復。</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>這一變化部分是由於低匯率和中國大陸與主要奢侈品市場之間的價格差距縮小，主要是由於匯率波動，減少了海外購物的誘因。國內旅遊的增長和持續的購物中心促銷進一步支持了大陸消費，儘管出境旅遊仍在恢復中。</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>代購活動受限，二手市場擴張</strong> 2025 年代購活動仍然活躍，但顯示出結構性約束的跡象，反映出品牌在加強對灰色市場銷售的監管、保護品牌價值和維護中國大陸的定價完整性方面的努力。根據 Re-Hub 對代購平台上前 45 個品牌的跟蹤，2025 年銷售增長了 3%，而 2024 年為 5%，因為更多品牌加強了對海外供應鏈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>與此同時，中國的二手奢侈品市場繼續擴張，2025 年增長了 15%–20%，但在主要奢侈品市場中仍然滲透率不足 10%。增長得益於二手商品供應的增加、消費者接受度的提高——尤其是在年輕和更注重價格的買家中——以及直播作為可信的產品驗證和互動渠道的廣泛採用。</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>貝恩公司合夥人艾爾·楊表示：“二手市場正在成為中國奢侈品生態系統中一個更為成熟和互補的支柱。其持續增長反映了消費者心態的變化以及整體市場的日益成熟。”</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>在更具選擇性的競爭環境中，本土品牌獲得關注</strong> 報告還強調了本土中國奢侈品牌的持續崛起，特別是在美容和特定個人奢侈品類別中。這些品牌通過文化相關的產品美學、數字優先和以參與為導向的消費策略以及通過本地獲取原材料和供應鏈實現的競爭性定價獲得市場份額。</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>隨着低增長環境中競爭的加劇，贏家與落後者之間的差距正在擴大，消費者將支出集中在少數能夠提供 “真實價值” 的首選品牌上。</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> 展望未來，貝恩預計中國個人奢侈品市場在 2026 年將實現適度增長，儘管仍將面臨波動和不確定性。不斷增長的中產階級、改善的消費者信心和有利政策預計將幫助將更多奢侈品消費引導回大陸，而增長將高度依賴於類別和品牌。</p>
</div><p><strong>Media contacts:</strong></p>
<div class="lb-trans"><p><strong>媒體聯繫人：</strong></p>
</div><p>Dan Pinkney (Boston) — [email protected]</p>
<div class="lb-trans"><p>丹·平基（波士頓）— [email protected]</p>
</div><p>Gary Duncan (London) — [email protected]</p>
<div class="lb-trans"><p>加里·鄧肯（倫敦）— [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>關於貝恩公司</strong> 貝恩公司是一家全球諮詢公司，幫助世界上最有雄心的變革者定義未來。</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 個國家的 65 個城市中，我們與客户攜手合作，作為一個團隊，共同追求卓越的成果，超越競爭對手，重新定義行業。我們將量身定製的綜合專業知識與充滿活力的數字創新生態系統相結合，以提供更好、更快和更持久的結果。我們承諾在 10 年內投資超過 10 億美元用於公益服務，將我們的才華、專業知識和洞察力帶給那些應對當今教育、種族平等、社會正義、經濟發展和環境等緊迫挑戰的組織。我們獲得了 EcoVadis 的鉑金評級，這是全球供應鏈環境、社會和道德績效評級的領先平台，使我們躋身所有公司的前 1%。自 1973 年成立以來，我們以客户的成功來衡量我們的成功，並自豪地保持行業內最高水平的客户倡導。</p>
</div><p>SOURCE Bain &amp; Company</p>
<div class="lb-trans"><p>來源：貝恩公司</p>
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