CHINA: In an intriguing shift in consumer behaviour, China’s economic downturn has sparked a surge in the popularity of dupes, with searches for these affordable alternatives tripling between 2022 and 2024. This trend, highlighted by Laurel Gu, a Shanghai-based director at market research firm Mintel, reflects a significant change in the shopping habits of Chinese consumers, once the world’s top luxury spenders. The allure of dupes lies in their significantly lower prices than branded products .
For instance, while a pair of Lululemon’s Align yoga pants retail for 750 yuan ($106) on its official Chinese website, similar leggings can be found on popular e-commerce sites like Tmall for as little as $5, with sellers claiming comparable quality. This growing preference for dupes impacts high-end fashion brands and luxury giants like Louis Vuitton. The parent company LVMH reported a 10% drop in sales for its Asia region (excluding Japan) in the first half of this year, a market dominated by China.
In response to the economic slowdown, China’s central bank has introduced new measures to stimulate growth, including cutting interest rates and reducing the reserve requirement for banks, aiming to boost lending and revive the economy. The measures have been met with a positive response, with stock markets in Hong Kong and mainland China rallying, with the Hang Seng index and the Shanghai Composite each closing 4% higher. The CNN report further details a broader lifestyle change.