1、MDRi1Investment Conference BriefingChina Luxury Reset:What investors need to know about the shift from visible status to experience-led,culturally resonant luxuryMay 2026MDRi2MDRi3MDRi4FROM STATUS SPENDINGMDRi5TO STEALTH WEALTHMDRi6MA KEMA KEFROM MEGABRANDMDRi7MA KEMA KEANGEL CHENHIDEMIHIDEMIMA KEMA

2、 KETOHOMEGROWNLABELMDRi8FROM FASHION FOCUSMDRi9TO LIFESTYLE EMPHASISMDRi11Investment Conference BriefingGlobal Luxury Market OverviewSource:Bain-Altagamma luxury goods worldwide market study 2025202320242025Experiences(Luxury hospitality,Fine wines&spirits,Gourmetfood&fine dining and Luxurycruises)L

3、uxury products(Personalluxury goods,Luxury cars,High-end furniture/housewares,Fineart and Private jets&yachts)386B1,121B74%418B8%YOY8%YOY1,060B5%424B1%YOY1,019B4%28%2%26%29%1%74%72%2%71%1%Global luxury market(total value)1,507B1,507B1,478B1,478B3%/1%(at current FX vs 2023)1,443B1,443B3%/1%(at curren

4、t FXvs 2024)Luxury Hospitality:Luxury Hospitality:increased by 4%4%-8%8%compared to 2024(Ultra(Ultra-Luxury is growing at Luxury is growing at about 12%)about 12%)Luxury Cruises:Luxury Cruises:increased by 20%20%compared to 2024MDRi12Story arcThis Is Not A Collapse of Luxury Demand1.4tnDecline by 3-

5、5%1%3%Global luxury market scaleThe broader luxury market remained enormous in 2026 even as growth slowed materially.Source:Bain-Altagamma luxury goods worldwide market study 2025China mainland personal luxury goodsThe mainland China personal luxury market declined by 3%5%in 2025.Source:Bain-Altagam

6、ma luxury goods worldwide market study 2025Expected annual sector growthMckinsey points to a slower,more selective luxury market through 2027.Source:McKinsey luxury outlook cited in Richemont deckThe question for investors is no longer“Will Chinese luxury recover?”It is“Which brands are positioned f