mckinsey -奢侈品行业现状：中美消费者洞察行业未来走向 The State of Luxury What US and Chinese clients reveal about the sectors future 2026

TheStateofFashion:

FacetoFaceWithLuxuryClients

BFMc&cemypany

ACKNOWLEDGEMENTS

TheauthorswouldliketothankAlessandraTodesca,GiorgiaMascioli,MarieStrawczynskiandJuliaSwobodafortheircriticalrolesindeliveringthisreport.Aspecialthanksalsotothemanyindustryexpertsandluxuryclientswhogenerouslysharedtheirperspectivesduringinterviews.

ThewiderBoFteamhasplayedaninstrumentalroleincreatingthisreport—inparticular,NickBlunden,AmandaDargan,KateGreenway,HeJia,VikramAlexeiKansara,Presiyana

Karastoyanova,AlexNegrescu,CarlosLopezSanchez,ArunimaSharma,EricSylvers,AmyVien,RobertWilliamsandRobbYoung.

WewouldliketothankthefollowingMcKinseycolleaguesfortheirspecialcontributionstothe

reportcreation:EkaterinaAbramicheva,KabirAhuja,KatarzynaBakos,MagdalenaBalcerzak,

PamelaBrown,TiffanyBurns,RushanGuan,KenzaHaddioui,CharlotteJiang,ClarisseMagnin,AlexandraMondalek,BenedettaNobili,AmaurySaintOlive,RobertaRomeo,AliceScalco,MonaSharak,CorinneTeschner,AlexisWolfer,AndreasZampouridisandRebeccaZhang.

We’dalsoliketothankPetraKneileforthecoverillustrationandLaunchStudioforthedesign.

TheStateofFashion:FacetoFaceWithLuxuryClientsBFMccsoemyany

TheStateofFashion:FacetoFaceWithLuxuryClientsBFMccsoemyany

CONTENTS

7ExecutiveSummary

10MarketOutlook

Chanel:HowtoReengineeranIconicBrand

22Desirability

JessicaMcCormack:HowaChallengerIsSeizingtheJewelleryOpportunity

34Exclusivity

UrbanJürgensen:IntroducingEliteWatchmakingtoNewAudiences

44Moments

ICICLE:CapturingInterestinChineseBrands

56Discovery

TheStateofFashion:FacetoFaceWithLuxuryClients4BFMccsoemyany

CONTRIBUTORS

IMRANAMED

ImranAmedisoneoftheglobalfashion

industry’sleadingwriters,thinkersand

commentators,andisfounder,chiefexecutive

andeditor-in-chiefofTheBusinessofFashion

(BoF),amodernmediacompanyandthe

authoritativevoiceoftheglobalfashionand

luxuryindustries.ImranholdsanMBAfrom

HarvardBusinessSchoolandaB.Comfrom

McGillUniversity.HewasborninCanadaandholdsBritishandCanadiancitizenship.

Previously,ImranwasamanagementconsultantatMcKinsey&Co.

GEMMAD’AURIA

GemmaD’AuriaisaMcKinseyseniorpartner

andleaderofthefirm’sglobalapparel,fashion&luxurysector.Shehasworkedextensivelyin

NorthAmerica,EuropeandtheMiddleEast

supportingretail,fashionandluxuryplayersandfamily-ownedbusinessesinshapingboldstrategicagendasanddrivingtransformationsforhigher

performanceandorganisationalhealth.GemmaisalsoaleaderofMcKinsey’sCEOExcellenceinitiativeandispassionateaboutsupportingtheleadershipjourneysoftopteamsandCEOs.

ANITABALCHANDANI

AnitaBalchandaniisaseniorpartnerin

McKinsey’sLondonoffice.Anitaco-leadsthe

apparel,fashion&luxurysectorinEMEA.She

workswithglobalbrandsandretailersinshapingambitiousgrowthagendas,drivingdigital

transformationanddesigningwinningmodelsforthefuture.Anitaalsoworksextensivelyinthe

privateequityspaceleadingdiligenceandvaluecreationplansupportacrossnumerousgrowthequitytransactions.

CYRIELLEVILLEPELET

CyrielleVillepeletisapartnerinMcKinsey’s

Parisoffice.Sheleadsthefirm’sapparel,fashion&luxurypracticeinFranceandhasdeep

expertiseindigitalandomnichannel

strategy.CyriellehasbeensupportingEuropeanandgloballeadersintheluxury,fashionand

consumergoodsindustrieswiththeirgrowthchallengesfornearly15years,aswellasthedigitalisationoftheiroperatingmodeland

infrastructure.

MIMOSASPENCER

MimosaSpencerisluxuryeditoratTheBusinessofFashion.SheisbasedinParisanddrivesBoF’scoverageoftheEuropeanluxuryindustry,

spanningfashion,watchesandjewellery.

Previously,shecoveredthesectoratReuters,

WWDandTheWallStreetJournal,buildinganin-depth,globalperspectiveontheluxurymarketfromherbaseinFrance.

ANUSHKACHALLAWALA

AnushkaChallawalaisadirectorofBoFInsightsatTheBusinessofFashion,wheresheleads

advisoryengagementswithexecutivesacross

fashionandluxurybrands,translatingconsumer,culturalandcommercialinsightsintoactionablegrowthstrategies.PriortojoiningBoF,Anushkaspentsevenyearsininvestmentbanking,advisinginvestorsacrosstheconsumersector.

HANNAHCRUMP

Asdirector,BoFInsightsatTheBusinessof

Fashion,HannahCrumpleadsin-deptheditorialprojectsandpartnerswithindustryexpertsto

createdata-drivenresearchandanalysisfor

leadersintheglobalfashionandbeauty

industries.Hercareerspansoveradecadein

strategyandeditorialrolesinfashionmediaandpublishing.

COLLEENBAUM

ColleenBaumisaseniorpartnerinMcKinsey’sNewYorkofficeandleadsMcKinsey’sretail

operationsworkintheAmericas.Sheadvises

retailersandfashionbrandsonend-to-endcostmanagement,supplychainstrategy,retail

footprint,inventorymanagementandomnichannelfulfilmenttopics.

CONTRIBUTORS

TheStateofFashion:FacetoFaceWithLuxuryClients5BFMccsoemyany

STEVEBEGLEY

SteveBegleyisaseniorpartnerinMcKinsey’sNewYorkofficewhopartnersprimarilywith

retailersandotherconsumer-facingcompaniestoarchitectandexecuteend-to-endstrategy,

commercialandoperationaltransformations.Steveco-leadstheNorthAmericanretail

practiceandMcKinsey’sglobalfashion,luxuryandspecialtyretailwork.

ALESSANDRAPELOSI

AlessandraPelosiisaconsultantinMcKinsey’sMilanoffice,specialisedinoperational

excellence.AlessandrahasledmajorindustrialtransformationsforItalianfashionandluxurybrands,aswellasportfoliocompanies,advisingclientsonproductionoptimisationstrategies

acrossthevaluechain.Herworkfocusesonhelpingmanufacturersstrengthentheir

productionsystemsandsupplychainswhilepreservingcraftsmanshipandquality.

NADYASNEZHKOVA

NadyaSnezhkovaisaseniorexpertin

McKinsey’sLondonoffice.Nadyaleadsthe

ConsumerInsightsteaminEMEAworking

acrossapparel,fashionandluxury,CPG,and

travelandprivateequity.Shehelpsglobalbrandsandretailerstranslateresearchontheir

customers,shoppersandusersintosuccessfulgrowthstrategywithafocusonbranding,

marketingandcommunication.

DANIELZIPSER

DanielZipserisaseniorpartnerinMcKinsey’sShenzhenofficeandleadsMcKinsey’sapparel,fashion&luxurysectoracrossAsia-Pacific.

Danielworkswithabroadsetofcompanies

acrossGreaterChinaandAsia-Pacific,primarilyonsalesandmarketingtopics,withadeep

understandingoflocalconsumersandretail

trendsinadditiontoholistictopicsincluding

organisation,corporatefinanceandoperations.

TheStateofFashion:FacetoFaceWithLuxuryClients7BFMccsoemyany

EXECUTIVESUMMARY

FacetoFaceWithLuxuryClients

Afteraprolongedslowdown,luxuryisgraduallyreturningtogrowth,ledbytheUSandChina.Drawingonasurveyofmorethan2,000clientsanddozensof

interviewsacrossbothmarkets,TheBusinessofFashionandMcKinsey&

Companyfindabaseofcustomerswithincreasinglydistinctlocalpreferencesthatnonethelessshareanoverarchingdesireforemotionalconnection.

Afteryearsofstrugglingtoreignitesales,theluxuryindustryisprojectedtoslowlypulloutofits

prolongedslumpin2026.Overallgrowthwilllikelyremainmuted,expandingatanannualrateof4to6percentthrough2030,aslowerpacethanthehighsingle-digitincreasesofpreviousperiods.

Muchofthesector’sgrowthwillbedrivenbythe

world’stwomostimportantmarkets:theUnited

StatesandChina.Valuedataround$130billion,theUSistheworld’slargestluxurymarket,projectedtogrowbyasmuchas5percentannuallythrough

2030.China’s$60billionhigh-endmarket,

meanwhile,isexpectedtorecoverandoutpaceothermajorregions,expandingbyasmuchas6percentayear.

Rekindlinggrowthwillnotcomeeasilyformany

brands.Sinceemergingfromthepandemic,andthewindingdownofthespendingfrenzythatfollowed,luxuryclientshaverealignedtheirpriorities.They

havebecomemorediscerningaboutthebrandsandproductstheyarewillingtobuy.Growthin

experiencesliketravelisovertakingproduct

purchases,whileinflationhasdampenedappetiteforfashion,includinghandbags.Pricehikesfromleadingfashionbrandsduringboomtimes—oftenwithoutcorrespondingproductinnovation—

turnedoffclientsacrossthespectrum,particularlyattheaspirationallevel.

Asthepost-pandemiceuphoriabegantofade,

brandssoughttoinsulatetheirbusinessesfrom

choppytradingconditionsbyfocusingattentiononVICclients.Theybulkeduponproductsattheveryhighendandcarvedoutspaceforexpansiveprivatesalonsinflagshipstoresinprestigiousshopping

districts.Butastheyfocusedonclientsmostimmunefromeconomicheadwinds,manybrandslosttrackoflower-tierclientsandfailedtogivethemareasontovisitstores.Thesecustomers,acriticalbasefor

thesector,endedupturningawayindroves.

Forthelatestreportinour“StateofFashion”

series,wethoughtitwasagoodopportunitytogettoknowtheseclientsbetter.Weconducteda

rigoroussurveyofmorethan2,000clientsacrossspendingtiersinboththeUSandChina.Weheld

in-depthinterviewswithcustomersandexecutives.Thisallowedustocutthroughwidespread

assumptionsandgettothevaluesandprioritiesshapingclients’purchasingdecisionsacross

marketsandsegments.

WediscoveredkeyvaluesthatclientsinChinaandtheUShaveincommon.Forbothmarkets—wherebuildingdesirabilityhasbecomemoretricky—

emotionalconnectionhasemergedastheleadingdriverofluxurypurchases.Asclientsbecomemoreselective,theyaremostdrawntobrandsthat

resonatepersonallyandreflecttheirtastesand

values.Heritageandbrandhistory,meanwhile,areplayingalessimportantrole.

TheStateofFashion:FacetoFaceWithLuxuryClients8BFMccsoemyany

Butthereisplentythatalsosetsthesetwomarketsapart.WhileclientsinChinalooktobrandsmoreasameansofexternalexpression,theircounterpartsintheUSaremoreinterestedinself-reward,

gravitatingmosttobrandsthatsharetheirvalues.

Drillingdowntotheshoppingexperience,physicalstoresplayastrongroleinmotivatingallrangesofclientsinChina—especiallyattheentry-level,

highlightingthecentralroleofretailwhenitcomestoreachingaspirationalclients.

ForUSclients,poorretailexperiencesareprovingtobeamajorpainpoint,withpushysalestactics

andlongqueuesturningoffclients—highlightingacriticalareaforimprovement.

TherisinguseofAIandresalechannelstoshopforluxuryproductsisatrendweuncoveredinboth

markets.MorecustomersintheUSarelookingtoAIforinspirationthaninChina,whereentry-levelclientsaremostengagedwithAIacrossthe

shoppingjourney,fromdiscoverytodecidingonapurchase.Secondhandchannelsarealsoplayinganincreasinglyimportantrole,forhigher-spending

clientsintheUSinparticular,motivatingshopperswiththe“thrillofthehunt”asmuchasbargains.

Herearefourstrategicprioritiesfromourresearchdecodingtheseshiftsinluxuryclientpreferences,keyforexecutivesastheynavigatea“new-normal”eraofslowergrowth:

1.Makebrandmeaningatop-linegrowthdriver

Qualityandcraftsmanshiparenowbaselineexpectations,notdifferentiators.Allocate

leadershipattention,KPIsandinvestmentto

emotion-drivenstorytelling,culturalpositioning

andbuildingcommunitywiththesamerigour

appliedtoproductandcampaigndevelopment.IntheUS,connectproductstoidentityandself-

reward.InChina,buildlong-termtrustand

emotionalresonanceratherthanrelyonscarcitytojustifyfull-pricepurchasing.

2.Extendbrandexperiencesbeyondtop-tierclients

Incrementalspendisflowingtotravel,wellnessandbrand-hostedmoments—areaswhereinterestis

risingacrossalltiersofclients.Designrecurring

andscalableformats(memberships,culturalseries,lifestylepartnerships)thatgiveaspirationaland

establishedluxuryclientsareasontoengage

betweenpurchases.Drawonthestore,thecreativedirectorandtailoredservicesasrelationshiptools.

3.Shifttheexclusivityapproachfromrestrictingaccesstorewardingloyalty

Artificialsupplyconstraintcancreateurgency,butexclusivityhastofeelearnedtobeeffective.IntheUS,prioritiseearlyaccess,insiderdropsandloyaltyrewards—earnedprivilegeslikeprivatepreviews

andtailoredbrandexperiences—thatserveto

deepenengagementovertime,especiallywith

youngerclients.InChina,doubledownonbespokeservicesandhigh-touchadvisory,whichis

especiallyimportantforGenXwhohavestrongspendingpowerinChina.

4.TakeownershipofbrandnarrativesmediatedbyAIandresalechannels

AroundhalfofluxuryclientsthatuseAIrelyonitto

exploreluxurybrandsandunderstandproduct

differences.Asmuchas59percentofestablished

luxuryclientsregularlypurchasepre-owned

products.Bythetimeclientsenteraboutique,theirpreferenceshavealreadybeenshaped.AIsearch

andresaleplatformsarestrategicbrandassetstoactivelymanage—whatproductssurface,how

productsareauthenticatedandhowthestoryofaproductistold—oraccepttheroleofthirdpartiesindefiningtheirrelevance.

Theseshiftsarealreadyreshapingmarkets,settingthetermsforthedecadeahead.Theindustry’s

futurewillnolongerbedefinedbyasingle,global

luxuryclient,butrathertheabilityofbrandsto

navigateincreasinglydifferentexpectationsacrossmarkets.Meanwhile,thewindowbetweenearningaclient’sloyaltyandlosingithascompressedfrom

yearstomonths.Brandssetuptoleadinthis

environmentwillbethosethatcananswerthisfundamentalquestion:Beyondtheproductsyoumake,whatmakestherelationshipwithyour

brandirreplaceable?

IMRANAMED

Founder,CEOandEditor-in-Chief,TheBusinessofFashion

GEMMAD’AURIA

GlobalApparel,Fashion&LuxuryLeader,McKinsey&Company

TheStateofFashion:FacetoFaceWithLuxuryClients9BFMccsoemyany

METHODANDANALYSISFRAMEWORK

WestudiedluxuryclientsacrosscategoriesandspendbracketsintheUSandChina

Categoriesinfocus

Luxuryclienttiersbyillustrativeannualspendacrossluxurygoodscategories,

USD

PERSONALLUXURYGOODS

ApparelandfootwearLeathergoods

Watches

Jewellery

ADJACENCIES

Ultra-high>$150,000

High

~$50,000–$150,000

PrestigeandluxurybeautyWellness

Hotelsandfinedining

Established

Researchmethods

~$10,000–$50,000

Focusofthisreport

Aspirational

~$5,000–$10,000

USandChina

customersurveys

~2,000respondentsacrossdemographics,occasionalto

established

Customerinterviews

In-depthqualitativecustomerinterviews,aspirationaltoultra-high

Expert

interviews

USandChinese

executives,

McKinseyandBoFexperts,industryanalysts

Market

Occasional<$5,000

modelling

BasedonEuromonitorabsolutevaluesatconstantexchange

rates,combinedwithindustry

reports,equityanalystforecasts,McKinseymarketmodelsand

expertinterviews

TheStateofFashion:FacetoFaceWithLuxuryClients10BFMccsoemyany

MarketOutlook

CustomerswalkinfrontofluxurybrandbillboardsinChina.ZhangPeng/GettyImages.

TheStateofFashion:FacetoFaceWithLuxuryClients11BFMccsoemyany

Luxury’sfuturewillbeshapedbyscaleintheUSandagradualrecoveryinChina

TheUSandChinaremainthetwomostimportantmarketsforunderstandingthefutureoftheluxurymarketinaslower-growthworld.Together,they

combinescalewithspendingpower:Chinacarriesthepotentialforrenewedmomentum,whiletheUShassubstantialandrelativelystabledemand.

TheUSistheworld’slargestsingleluxurymarket,wortharound$130billion,withannualgrowthforecastat3to5percentthrough2030.

Chinaisreemergingasapotentialgrowthstory.Afteraperiodofstalleddemand,signsofimprovementarereturninginthedomesticmarket,withforecastsof4to6percentannualgrowththrough2030.

Buttheheadlinenumberstellonlypartofthestory.Theluxurymarketinbothcountriesisbecomingmorepolarised,withsomebrandsreturningtogrowthwhileothersdecelerate.

Thatmakesthesetwomarketsandtheirpopulationsespeciallyimportanttoreadclosely.Theirinfluencereacheswellbeyondtheirdomesticmarkets:

TravellingAmericansandChinesealsoshapeluxurydemandinmajordestinationsaroundtheworld,fromEuropetoJapan.

CasaLoeweflagshipstoreinShanghai,China.BrunaSantos/Unsplash.

USChina

2022–2025

CAGR,%

RealGDPgrowth

2.6

5.1

CPIinflationgrowth

3.3

0.2

Personaldisposableincomegrowth

3.4

5.0

2025–2030

CAGR,%

RealGDPgrowth

2.5

4.2

CPIinflationgrowth

2.4

1.6

Personaldisposableincomegrowth

2.5

3.8

Source:OxfordEconomics,May2026

TheStateofFashion:FacetoFaceWithLuxuryClients12BFMccsoemyany

Thegloballuxurymarketisexpectedtogrow

between4%-6%,withChinaregainingmomentum

CAGRbyregion,2025-2030E

Globalluxurymarketbyregion,2022-2030E,USD(billion)

Globalyear-on-yeargrowth

CAGR

4-6%

4334-6%

3-5%

2-4%

RoW

MainlandChina

US

Europe

+5%+3-5%

+4-6%

630-700

20222023202420252026E//2030E

532

507

488

+4%

+7%

545-560

+13%

Note:Marketdatareflectsretailsaleswithineachspecifiedregion,excludingtouristspendabroadandtravelretail.Includesluxuryapparelandfootwear,leathergoods,watches,jewellery,beauty(prestigeandluxurybeauty),hotelsandfinedining

Source:McKinseyLuxuryModel,McKinseyGlobalFashionIndex,McKinseyBeautyModel,McKinseyGlobalInstitute,Euromonitor,analystreports,companyresults,expertinterviews.DatapredatestherecentdisruptionsintheMiddleEast;potentialimpactsarenotreflectedinthisanalysis

TheStateofFashion:FacetoFaceWithLuxuryClients13BFMccsoemyany

Luxuryhotelsandfinediningwillcontinuetogrowfasterthanpersonalluxurygoods

CAGRbycategory,2025–2030E

Globalluxurymarketbycategory,2022-2030E,USD(billion)

Apparelandfootwear

35%

Leathergoods

5-7%

Watches

3-5%

Jewellery

5-7%

Beauty

4-6%

Hotelsandfinedining

6-8%

+13%+4%+5%+3-5%

+7%+4-6%

630-700

20222023202420252026E//2030E

545-560

532

507

Globalyear-on-yeargrowth

CAGR

488

433

Note:Includesluxuryapparelandfootwear,leathergoods,watches,jewellery,beauty(prestigeandluxurybeauty),hotelsandfinedining

Source:McKinseyLuxuryModel,McKinseyGlobalFashionIndex,McKinseyBeautyModel,McKinseyGlobalInstitute,Euromonitor,analystreports,companyresults,expertinterviews.DatapredatestherecentdisruptionsintheMiddleEast;potentialimpactsarenotreflectedinthisanalysis

TheStateofFashion:FacetoFaceWithLuxuryClients14BFMccsoemyany

IntheUS,hotelsandfinediningwilldriveluxurygrowth,whilejewellerywillleadgrowthinChina

USandChinaluxurymarketsbycategory,2022-2030E,USD(billion)

135-140

130

//

20252026E2030E

80-90

60-65

60

//

20252026E2030E

+4-6%15%-11%+4%+3-5%

3-5%2%4-6%

Apparelandfootwear

Leathergoods

Watches

Jewellery

Beauty

Hotelsandfinedining

124

2024

121

2023

+7%+2%+4%

5%

114

2022

USMainlandChina

Year-on-yeargrowth

CAGR

65

57

202220232024

150-170

58

Note:Marketdatareflectsretailsaleswithineachspecifiedregion,excludingtouristspendabroadandtravelretail.Includesluxuryapparelandfootwear,leathergoods,watches,jewellery,beauty(prestigeandluxurybeauty),hotelsandfinedining

Source:McKinseyLuxuryModel,McKinseyGlobalFashionIndex,McKinseyBeautyModel,McKinseyGlobalInstitute,Euromonitor,analystreports,companyresults,expertinterviews.DatapredatestherecentdisruptionsintheMiddleEast;potentialimpactsarenotreflectedinthisanalysis

TheStateofFashion:FacetoFaceWithLuxuryClients15BFMccsoemyany

Ultra-highclients

(annualspend:>$150k)

~10-30(5-10%)

~5-7%

Highclients

(annualspend:$50k-150k)

~45-60

(15-20%)

~5-7%

~4-6%

~4-6%

~170-200(50-60%)

~3-5%

Overallmarket

~300-400~4-6%

Theluxurysectormustrecapturedemandfromestablishedandaspirationalclients

Globalluxurypersonalgoodsmarketbyclientsegment

Focusofthisreport

CAGR,

2025-2030E

Marketvalue2025,USD(billion)

Establishedclients

(annualspend:$10k-50k)

~40-50

(10-15%)

Aspirationalclients

(annualspend:$5k-10k)

~30-40

(10-15%)

Occasionalclients

(annualspend:<$5k)

Note:Clientsegmentsbasedonannualspendonpersonalluxurygoods

Source:McKinseyStateofLuxuryanalysisbasedonTheStateofFashion:Luxury2025,Euromonitor,expertinterviews,industryreports,presssearch

•Wealthpolarisationisreshapingareasoffutureopportunityforthesector.

•Growthisconcentratingupmarket,withclientsatthehighandultra-highlevels,thoughfewerinnumber,forecasttogrowfasterthantherestofthemarket.

•Establishedandaspirationalclientsformthecriticalmiddlerepresentingaround$70-90billion,ameaningfulpoolofpotentialgrowth.

•Thecriticalmiddlerangeofclientsisunder

pressureasmanyluxurybrandsleanedintothepost-pandemicspendingboombyfocusingtoomuchonultra-wealthyclientsandonexpandingmargins.

•Yearsofpricehikes,rapidscalingofproductsandstorenetworksaswellasaweakerofferofentry-levelproductshaveerodedperceivedvalueand

turnedoffshoppersbythemillions.

•LowerGDPgrowth,inflationandjobinsecurityarealsoweighingonappetitefordiscretionaryspending.

•Thesector’smostpressingchallengeistodrawinshoppersattheestablishedandaspirationallevel

—togivethemareasontoinvestinluxuryandbelieveinitsworth.

TheStateofFashion:FacetoFaceWithLuxuryClients16BFMccsomyany

Establishedluxuryclientsshowstrongerspendintentthantheirlower-spendingcounterparts

Expectedchangetofuturespendinthenext2-3yearsbycategoryandclienttier

OccasionalclientsAspirationalclientsEstablishedclients

USChina

SpendlessSpendmoreSpendlessSpendmore

Clothesand

outerwear

Footwear

Bagsand

accessories

Jewellery

Watches

Beauty

products

InboththeUSandChina,futurespending

intentriseswithaffluence.Higher-spending

clientsaremorewillingtoexpandluxurypurchasesacrosscategoriesintheyearsahead.

Beautyattractsthestrongestintenttoincreasespendacrossmarketsandtiers,withparticularlystrongmomentuminChina.Beauty’slowerprice

pointandrepeatpurchasecyclekeepoccasionalandaspirationalclientsengaged.

Intenttospendonfootwearishigherthanfor

bagsamongaspirationalclientsintheUSand

acrossalltiersinChina,showingthepotentialforshoestobecomeanew,accessible“it”itemf