The Financial Post reports in its Monday, Oct. 26, edition that China's economy continues to face challenges in its recovery from the pandemic, affecting even prominent global fashion brands. An Agence France-Presse dispatch to the Post reports that as consumers increasingly gravitate toward the second-hand market or opt for emerging domestic brands, these fashion icons are feeling the impact of changing purchasing behaviors. Chinese were once massive buyers of luxury Western brands, accounting for around a third of worldwide spending and earning firms such as LVMH and Hermes billions of dollars. But belt-tightening by consumers has forced firms to rethink their strategies, with Louis Vuitton closing five stores in mainland China in the past two years, while Galeries Lafayette shut its Beijing flagship in May. "People used to compare who had spent more," dance teacher Yuan told AFP at a new retail space in central Shanghai filled with luxury handbags, belts and jewelry items -- all second hand. "But now everyone compares who got a better deal and spent less," the 24-year-old said at the two-storey warehouse-style store in the centre of the Chinese financial hub.