New Delhi, Oct. 17 -- A recovery in Chinese consumer demand is unlikely to provide a strong boost to the global luxury goods industry in the near term, with a prolonged economic slowdown, weak consumer confidence and pressure on household wealth likely to weigh on growth, according to a report by Bernstein.

The report said luxury companies may need to revise their growth expectations and focus more on affordability and value for money as Chinese consumers face economic pressures.

"The U-shaped recovery we were expecting looks much more like an L," Bernstein's global luxury goods analyst Luca Solca said, adding that "it would be judicious to revise down expectations for broader industry growth over the next few years".

The report noted ...