Beijing is reportedly considering comprehensive consumption tax reforms that could significantly impact the global luxury goods market. China, a major buyer of international luxury brands accounting for about 30% of global sales, may first pilot reforms affecting high-end goods. Economists like Liu Rong suggest that current taxes on luxury items are inadequate, potentially leading to higher taxes on categories like watches and jewelry. While details remain sparse, UBS analysts warn that if implemented, these reforms could negatively affect luxury brands, especially those in the hard luxury segment, such as Swatch and Richemont.