- Europe’s biggest luxury houses are cautiously upbeat about China as household spending stabilizes and categories like high-end cosmetics and beauty show signs of a rebound.
- Names such as Kering, LVMH and Burberry are reporting sequential improvement (Burberry saw a 9% retail sales jump in Greater China, buoyed by Gen Z), and some expect China sales to resume growth later this year.
- The recovery is mainly driven by wealthy consumers (a K-shaped rebound) and remains fragile — policy moves, taxes, inflation and geopolitical shocks could still slow a broader comeback.
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