China’s homegrown luxury surge: $140,000 EVs and heritage gold

Li Maozai, a Nanchang law‑firm partner, swapped his Mercedes and BMW for a Huawei‑JAC Maextro S800 sedan priced at US$140,000, making the Chinese‑built car the best‑selling luxury vehicle in China in April, with one in three luxury sales coming from the model [1].

The Maextro’s success reflects a broader consumer swing toward domestic luxury. Huawei plans a $220,000 flagship next month, while jewellery brand Laopu Gold, which revives imperial gold‑craft techniques, doubled its per‑store revenue versus Cartier, according to HSBC research [1]. Laopu’s sales surged 1,000 % year‑to‑date, and its revenue tripled in 2023, underscoring the appetite for heritage‑styled gold pieces priced from US$3,000 to millions [1][2].

Western luxury houses are feeling the pressure. Richemont reported a 23 % sales decline in China last year, and Porsche will shutter nearly half its Chinese dealerships by year‑end [1]. Even LVMH’s CEO Bernard Arnault visited Shanghai stores of Laopu Gold and the homegrown handbag label Songmont, where a minimalist leather bag sells for about US$500 and overtook Coach on Tmall’s premium tier during the 2023 Double‑Eleven festival [1].

Beyond fashion and autos, Chinese‑run hotels such as Songtsam are capitalising on the same nationalist pride. A 2024 Hurun report shows 78 % of high‑net‑worth Chinese now prefer culturally unique stays, and Songtsam’s revenue rose 50 % in 2025 as domestic guests became the majority clientele [1].

The shift signals that Chinese consumers are no longer looking west for status symbols; they are redefining luxury on their own terms, blending cutting‑edge tech, traditional craftsmanship, and cultural relevance. Whether Western brands can regain relevance or will be further eclipsed by homegrown innovators remains the key question for the global luxury market.