Global Luxury Goods & China Macrofinancial: The hoped-for U-shaped recovery looks in fact like an L

We recently hosted a webinar with Charlene Chu, Autonomous' China Macrofinancial analyst, to discuss the Chinese consumer outlook and the implications for global luxury demand. Our analyses suggest that the Chinese macroeconomic slowdown is deeper than headline GDP growth would suggest. Alternative measures of economic activity all point to a softer environment. Household wealth has been hit by falling property prices, youth unemployment remains elevated, and the traditional engines of wealth creation and luxury consumption, notably real estate and finance, are no longer providing the same support. Household savings are being drawn down, but consumption is not recovering - a worrying sign that Chinese consumers may be spending down their savings just to get by. Unsurprisingly, luxury demand in China remains subdued. A Chinese U-shaped recovery is proving elusive;