In the turbulent economic environment, money is losing its value. Consumers are reevaluating their spending across sectors. With a looming crisis of trust in financial institutions, how are people managing their budgets? And how can brands navigate the complex relationship between value and cost?

Hoards of shoppers from Hong Kong and southern areas of China have flocked to the opening of a Costco. As a protracted economic slowdown continues to put downward pressure on purchasing pressure in China, brands are supporting consumers they’ve typically leant on for aspirational luxury purchases.

Gens Y and Z are driving demand for secondhand luxury goods across the APAC region as attitudes to resale shift. There's an opportunity for brands to reinforce the connection between the longevity of luxury items and consumers’ growing concern about more sustainable consumption habits.

Luxury consumption is slowing down in China as middle-class shoppers curb their spending and wealthier consumers turn away from flaunting their purchases. In this context, many brands are divided between maintaining exclusivity and broadening their appeal to attract new demographics.

The practice of photoshopping luxury items into photos is taking off in China as young people seek to signal status without spending. The trend can be seen as part of a broader push towards anti-consumerism, as Chinese youth use their photo-editing skills to navigate social pressures.