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Luxury Brands in Decline: The Changing Landscape of China's High-End Market

In recent years, Shanghai's Honglong Plaza, once a bustling hub for luxury shoppers, has witnessed a drastic downturn. Reports have surfaced indicating that many stores, including those of high-profile brands like Gucci, Prada, Cartier, and Dior, have seen drastically reduced foot traffic. Once thriving, flagship outlets are now often devoid of customers, presenting a stark contrast to the past when it was believed that winning the Chinese market meant securing global success for luxury brands.