China's economic slowdown fuels designer ‘dupe’ boom

[Source]

Formerly label-loving consumers in China are reportedly turning to "dupes," high-quality replicas of branded goods, in a bid to save money amid the nation’s economic slowdown. Analysts say this trend not only affects luxury brands but also mid-range brands like Nike and Uniqlo.

• Value over brand: The country's real estate crisis, coupled with declining consumer confidence, has led to a decrease in overall consumption and retail sales. Facing pay cuts and job insecurity, consumers are now actively seeking more affordable alternatives as they prioritize value and quality over branding. In fact, social media searches for these counterfeit products have tripled from 2022 to 2024, according to Mintel.
• Rise of “rational shopping”: The rise of dupes is impacting the exclusivity of high-end items and could potentially hurt their future growth in China. Luxury brands like LVMH have already experienced a decline in sales in the region. "There’s no more blind trust in well-known brands under the currently cautious spending trends. Instead, there’s more rational shopping decisions that spur active discussions on cheaper alternatives," noted Blair Zhang, Mintel's senior luxury and fashion analyst.

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