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Recently, public data showed that since the beginning of this year, the wealth of the rich in the luxury industry has shrunk by 4%, about US$17 billion, while the wealth of the rich in other industries has increased by 13%, about US$1 trillion, creating the largest gap since May 2022.

Bernard Arnault, chairman of the world's largest luxury goods giant LVMH, saw his personal wealth drop by $7.4 billion in the past year to $200.1 billion. LVMH's revenue fell 2% to 20.7 billion euros in the first quarter, with the Asian market, where China is located, falling 6%. In June, it was surpassed by semiconductor company ASML and became the second largest listed company in Europe. As of 17:00 on July 18, LVMH's share price was 697.40 euros.

Also affected by the weak Chinese market, the wealth of L'Oreal heir Bettencourt Meyers and Kering Group CEO Francois-Henri Pinault has also shrunk, with the latter's personal wealth halved to US$28 billion in the past three years. As of 17:00 on July 18, Kering Group's share price was 317.00 euros.

It is worth noting that the wealth of Chanel owners Wertheimer family and Richemont Group Johann Rupert has increased. Johann Rupert received $12.4 billion in dividends from Chanel's earnings in the past three years.

Several analysts said that the downturn in China's luxury market will not be reversed this year. The growth of China's luxury market in the first quarter of this year was far lower than expected. According to Bain data, China accounted for 16% of the total global luxury consumption last year, but the market has declined this year due to factors such as the sluggish real estate market and unstable employment.