贝恩公司今日发布的《2025年中国个人奢侈品报告》显示，2025年中国内地个人奢侈品市场收缩了3%至5%，相比2024年的大幅下降有明显缓和。尽管消费者信心在这一年大部分时间里仍较为谨慎，市场在第三季度开始显现复苏的初步迹象。这主要归功于两个因素：一是2025年下半年与2024年同期相比，基数效应带来的有利条件；二是股市表现更加稳定，市场情绪也在逐步改善。

报告指出，2025年是中国奢侈品市场重新调整的一年，消费者变得更加谨慎，他们更倾向于选择那些在质量、独特性和实用性之间达到良好平衡的高性价比产品。体验型消费，包括旅行和健康，继续受到欢迎，显示出人们更偏好情感和感官体验，而不是单纯的物质商品。

贝恩公司资深全球合伙人布鲁诺（Bruno Lannes）表示：“在经历了2024年的动荡后，2025年的市场开始稳定下来。虽然消费者信心仍有待提升，但我们已经看到市场重新调整的积极信号，尤其是下半年出现了复苏的初步迹象。此次回暖呈现出更为清晰的结构性特征：VIC（高价值客户）群体依然是奢侈品市场的核心驱动力，而年轻的潜力消费群体在进入奢侈品市场方面则呈现出更为谨慎、延后的节奏。”

不同品类表现参差不齐

不同奢侈品类表现各异，其中，美妆个护品类表现最佳，增长恢复到4%至7%，主要是因为消费者对超高端护肤品和香水的需求保持稳定，即便在经济不确定性中，他们仍然追求情感和感官体验。

其他品类则面临压力，例如，服饰品类下降了5%至8%。皮具箱包品类下降了8%至11%，主要是因为过去及当前的价格上涨和创新不足，导致消费者难以做出购买决策。腕表品类面临严重压力，预计下降14%至17%，因为消费者在购买时变得更加理性，转向其他投资资产、二手替代品和运动或智能设备选项。珠宝品类相比2024年有所改善，下降幅度缩小至0%至5%，得益于价值保留的考虑和黄金价格上涨。

贝恩公司全球合伙人、亚太区消费者体验业务主席Priscilla Dell'Orto表示：“在市场竞争日益激烈的环境中，产品类别的变化趋势和品牌自身的核心优势愈发重要。能够通过创新和精准定价策略展现清晰价值、保持强大吸引力的品牌，往往表现出更强的韧性。”

海外消费下降，消费回流至国内

与2023和2024年相比，2025年海外奢侈品消费份额显著减少。贝恩估计，中国奢侈品消费中有65%发生在中国内地，35%在境外，反映出消费回流的程度有所增加。

报告指出，一方面，内地消费者对出境游体验的热衷，并未削弱其在内地购买奢侈品的意愿；另一方面，中国内地与欧洲、日本等主要海外奢侈品市场之间的价差明显缩小，降低了内地消费者前往海外购买奢侈品的动力。此外，中国面向多国的免签政策与灵活的退税制度形成有效组合，配合内地奢侈品门店丰富的产品选择与优质的购物体验，吸引了部分国外消费者在内地购买奢侈品。

代购活动收缩，二手市场扩大

2025年，代购活动仍然活跃，但显示出有所收缩的迹象，这反映出品牌加大力度规范灰色市场销售、保护品牌价值及维持中国内地市场定价完整性。Re-Hub追踪的代购平台排名前45的品牌，其销售额在2025年增长3%，而2024年为5%，表明更多品牌加强了对海外供应链和非官方渠道的控制。

同时，中国的二手奢侈品市场继续扩大，2025年增长了15%至20%，但渗透率依然处于低位，仍不到主要奢侈品市场的10%，低于发达市场水平（20%-30%）。这种增长得益于二手商品供应增加、消费者接受度提高（尤其是年轻且对价格敏感的消费者），以及直播平台的广泛普及。

贝恩公司全球合伙人杨玥（Elle Yang）表示：“二手市场正在逐渐成为中国奢侈品生态系统中不可或缺的一环，它的持续增长不仅说明了消费者观念的转变，也标志着整个市场的日益成熟。”她指出，直播平台兼具实时互动和产品验证两大功能，增强了消费者对二手奢侈品的信心。”

本土品牌在更具选择性的竞争环境中受到关注

报告还强调了本土中国奢侈品品牌的持续崛起，特别是在美妆护肤和部分个人奢侈品类别中。这些品牌通过文化相关的产品设计、数字化和互动导向的消费者策略以及由本地投入和供应链支持的竞争性价格定位获得市场份额。

报告总结道，在与国际品牌的竞争中，中国本土品牌通过三个关键层面构建差异化优势：

•其一，更深入地理解本土消费者偏好，将其转化为独特的产品美学、品牌价值观、营销方式和品牌叙事；

•其二，实施“中国为先”的客户触达战略，以数字化为基础、以私域聊天为手段、以深度互动为导向，精准把握消费者需求；

•其三，加强本土优质资源和原材料的获取能力，对标国际品牌建立价格优势。

在低增长的环境中，竞争加剧，领先品牌和落后品牌之间的差距正在扩大，贝恩指出，消费者更愿意将支出集中在少数能够提供“真实价值”感知的首选品牌上。

2026年展望

展望未来，尽管波动和不确定性仍将持续，贝恩预计中国个人奢侈品市场将在2026年实现适度增长，但仍将保持全球奢侈品市场增长的基石地位。随着中等收入群体的不断壮大、消费者信心的提升以及有利政策的出台，预计将有更多奢侈品消费回流至中国内地市场。然而，增长的程度仍将高度依赖于具体的产品类别和品牌。

点击下方报告名称或右上角PDF按钮下载

中文版：《2025年中国个人奢侈品报告》

English Version：《2025 China Personal Luxury Report》

The Chinese mainland personal luxury goods market contracted by 3%–5% in 2025, a significant moderation compared with the sharp decline seen in 2024, according to Bain & 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.

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.

"After the turbulence of 2024, the market in 2025 began to stabilize, although consumer confidence remained fragile," said Bruno Lannes, senior partner at Bain & Company. "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." 

The rebound is also segment specific, with VIC consumers continuing to represent a large share of the market, while younger aspiring consumers have delayed entry into the luxury category.

Category performance remains uneven

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.

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.

"In a more selective market, category dynamics and brand fundamentals are becoming increasingly decisive," said Priscilla Dell'Orto, partner and Head of Asia Pacific Customer practice at Bain & Company. "Brands that maintain strong desirability and deliver clear value through innovation and targeted pricing strategies are proving more resilient."

Overseas spending declines as consumption repatriates

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 Chinese mainland, while 35% took place outside, reflecting a renewed degree of consumption repatriation.

This shift was driven in part by low currency and narrowed price gaps between Chinese mainland 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.

Daigou activity restrained as secondhand market expands

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 Chinese mainland. 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.

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.

"The secondhand market is becoming a more established and complementary pillar of China's luxury ecosystem," said Elle Yang, partner at Bain & Company. "Its continued growth reflects changing consumer mindsets as well as the increasing maturity of the overall market."

Local brands gain traction in a more selective competitive landscape

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.

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 "true value."

Outlook for 2026

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.