China's Rich Ditch Flashy Luxury As Global Sales Stall, Says Bain

LUXURY GOODS - PARIS/MILAN. China's richest people are avoiding flaunting their wealth in favour of more discreet fashion, according to a report published on Tuesday by Bain consultancy that predicted the weakest global luxury market since the height of the pandemic.

Global sales of personal high-end goods - spanning clothing, accessories and beauty products - this year will be between flat and 4% higher year-on-year, at constant rates, Bain forecast in its twice-yearly luxury report, closely watched in the fashion world.