The luxury goods industry is facing a significant slowdown due to a decrease in consumer demand in China.

According to a recent UBS study, Chinese consumers' contribution to the industry's growth has decreased sharply, accounting for only 26% of growth from 2015 to 2023 and a mere 10% from 2019 to 2023.

This is in contrast to the 44% contribution recorded between 2008 and 2015.

The decline in the luxury market follows a period of strong expansion, which has raised concerns among industry stakeholders.

Analysts believe that the current economic climate and changing consumer preferences are the main factors influencing this shift.

As a result, companies in the luxury sector may need to reevaluate their strategies to adapt to the changing landscape.