After an extended period of slowdown, Q3 2025 marks a turning point for China's luxury market. Early signs of recovery are emerging – modest yet meaningful – even as marketing budgets remain under pressure.

The COMPASS Index Q3 2025, reveals how brands that acted early, refocused priorities, and maintained commercial discipline are seeing stabilization, while those waiting for demand to return risk falling behind.

This quarter's analysis highlights a clear shift: from expansion to optimization, from visibility to efficiency. Brands are achieving more with less by optimizing assortments, refining storytelling, and aligning activations more closely with business performance. Efficiency over excess has become the new competitive advantage, and leading brands are translating attention into measurable market gains.

Download the full report to explore detailed category analysis, platform insights, and case studies on brands successfully navigating this turning point.