In China, a new wave of wealth is making its mark with a unique blend of discretion and sophistication. China’s richest millennials showcase their achievements through understated status symbols and shunning traditional ostentatious displays of wealth. While their American counterparts often indulge in high-end coffee makers, luxury laundry rooms, and pampered pets, China’s affluent millennials are investing in what’s known as “Laoqianfeng” or “ silent luxury .
” Shift from loud to quiet luxury The decline of loud luxury in China mirrors a global trend in the US and Europe, where the “quiet luxury” mode gains traction amid economic uncertainties. With China’s economy slowing and youth unemployment soaring to 20%, flaunting wealth is increasingly seen as inappropriate. During the pandemic, younger, cash-rich shoppers fuelled a boom in luxury sales, eager to display their newfound affluence through flashy logos and ostentatious purchases.
However, as their disposable income dwindles, these “logo hunters” are stepping back, leaving older, wealthier consumers to sustain luxury spending. This mature crowd, seasoned in their wealth, now favors subtlety over flamboyance. The rise of quiet luxury in China is a modern, Western-inspired trend and a response to the political and social landscape shaped by President Xi Jinping’s push for “common prosperity.
” China’s relationship with luxury goods has always been fraught with tension, and the government has .