Speaking after concluding a visit to the Mainland of China, Barclay has become more cautious on the Chinese economy, saying that the high growth phase of the Chinese economy is over, the financial and real estate sectors are under pressure, and the private sector appears to be shrinking.

Barclays added that market sentiment was more cautious compared to half a year ago, citing a structural factor in China's weak economy, reducing Adidas' rating to “neutral” and Burberry and Gucci parent Kering's ratings to “downside”, suggesting it may take 3 to 4 years for the Chinese luxury market. With time to improve, the luxury sector's growth forecast for next year has been lowered from 7% to 4%.

Barclays has a similar view of sporting goods stocks, saying that most brands have reported weak physical store traffic since the second quarter, a trend that worsened further in the summer, according to a channel survey. Although the online market is more active, it is mainly driven by promotions.