"The luxury industry seems to be outperforming the consumer market as a whole in China, but you know, really, almost everyone you speak to, there's a level of uncertainty," said Agility's managing director Amrita Banta.
"There's a level of not feeling entirely comfortable with their future economic position that is really affecting almost everybody in China."
Those factors disproportionately affect "aspirational" luxury customers who can easily live without another Gucci bag or $900 pair of sneakers.
In China, luxury consumers are younger than in the rest of the world with an average age of 28, according to BCG - something companies had seen as positive for future growth.
"In the trends that I'm seeing in the U.S. and also in China, more aspirational younger consumers are feeling more of a pain," Morningstar senior equity analyst Jelena Sokolova said.
Persons:
Richemont, splurge, Morgan Stanley, Hermes, Chanel, Amrita Banta, Dior, Balenciaga, Gucci, Jelena Sokolova, HSBC's Erwan, Rambourg, Casey Hall, Mimosa Spencer, Catherine Evans
Organizations:
Cartier, Citigroup, Richemont, Citi, LVMH, Bain, Morningstar, Thomson
Locations:
SHANGHAI, PARIS, China, North America, Wuhan, Zhengzhou, Charlotte, Nashville, Swiss, Americas, Asia, United States, luxury's, U.S, Japan