Retail
February 12, 2026
Chinese Year of the Horse 2026. Image credit: Shutterstock, Savanevich Viktar
By Luxury Marketer Intelligence
Drawing on a survey of 3,000 aspirational luxury shoppers, new research reveals a Chinese luxury market in cautious recovery, where strong confidence coexists with disciplined budgets, growing “local love” for Chinese brands, and a reshaped channel mix in which official and travel-retail formats move to the center.
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","iv":"3611b4e8823af10045e31c7f19c3a9ae","s":"185388937a5e32f8"}
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