As luxury demand dampens in traditional strongholds like China and the US, Southeast Asia is emerging as a surprising bright spot, driven by rising affluence, tourism and a more intentional approach to indulgence. For Ms Teng Jiayuan, 32, a Chinese citizen living in Shanghai, the thrill of buying her first Chanel Classic Flap bag in her late 20s was immediate but short-lived. Back then, she was drawn to the brand’s timeless appeal. At that time, Ms Teng, who works in the luxury sector, was