The luxury fashion market is facing a shift in China, where Gen Z consumers are increasingly embracing the “dupe economy.” On September 24, 2024, market analysts reported a growing trend among young Chinese shoppers opting for high-quality replicas instead of splurging on brands like Louis Vuitton, Prada, and Chanel.
With China’s economy slowing, this younger generation is rethinking the value of luxury items. The appeal of “dupes” lies in their affordability, as they closely mimic the style and design of high-end brands at a fraction of the price. This trend is particularly strong among Gen Z, who are more conscious about their spending in the face of stagnant wages and an uncertain job market.
The rise of the “dupe economy” is worrying luxury brands, which have long relied on China’s booming consumer base for a significant share of global sales. As Gen Z shifts its focus to affordable alternatives, companies are scrambling to figure out how to win back this crucial market segment.
