SHANGHAI — The market for luxury goods in China has crashed in 2024. In early August, two high-end shopping malls in Wuhan launched major rebate offers, with luxury stores like Louis Vuitton and Hermès participating. Such special offers are extremely rare for luxury brands, which make a veritable policy of never lowering their prices. Louis Vuitton responded to questions from loyal customers, insisting that their products had in fact not been discounted. The brand claimed they were unaware of the promotion, which was subsequently canceled. The “discount storm” reflects the larger collapse in C…