Read previewHugo Boss, Burberry, Richemont, and Swatch have all called out slumping sales in China this week as consumers cut back on luxury spending. Swiss watch group Swatch said it expects the Chinese market "to remain challenging for the entire luxury goods industry until the end of the year." But much of this spending has been overseas, and sales in China have fallen for some of the world's biggest luxury brands. AdvertisementBefore the pandemic, about two-thirds of Chinese luxury spending occurred outside mainland China, plummeting to less than 10% in 2021 and 2022 because of travel restrictions, according to data from Bain. The consultancy said that this started to rebound in 2023 with the return of overseas tourism, with an estimated 30% of luxury spending taking place outside mainland China.

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Persons: —, Hugo Boss, Burberry, Gerry Murphy, they've, Bain, Luca Solca, Vacheron Constantin, Marc Jacobs, Versace, Richemont Organizations: Service, Swatch, Business, Bain & Company, Richemont, Cartier, Burberry, Financial Times, Bain, Prada, The Financial Times, Luxury Summit Locations: China, Swiss, Americas, Hong Kong, Macau, Japan, South Korean, East