Hermès and Cartier See Double-Digit Sales Slumps in China
Hermès and Cartier reported double-digit sales declines in mainland China for August and September, signaling a spending pullback among the country's wealthiest consumers.
Hermès International SCA and Cartier are experiencing significant sales declines in mainland China, indicating a sharp spending pullback among the country's wealthiest consumers. Data from two research firms show that sales for both luxury brands fell by double-digits in August and September compared to the same period last year.
This downturn marks a shift in market dynamics, as both brands had remained relatively resilient during a broader luxury consumption slowdown that began in June. The recent slump suggests that even the most exclusive luxury segments are now susceptible to the economic pressures affecting Chinese consumer behavior.
