“If it dies out in two months or two months and a half, it’s not terrible. If it takes two years, that’s a different story,” he added.

His sentiments were echoed by Francois Pinault, chairman of Kering, LVMH’s main competitor, who expressed faith in China’s ability to bounce back and confidence that things would improve in the second half of the year.

But what if the coronavirus has a much deeper and long-term effect on the psyche of the many free-spending Chinese who for the last decade have made conspicuous consumption of luxury goods their favourite pastime? Will a human tragedy of this scale make the Chinese people re-evaluate their priorities?

In a recent article published on the US website of Vogue, Vogue China editor-in-chief Angelica Cheung described the tribulations of closing the March issue of the glossy while Beijing, her hometown, was on lockdown and after ending a 14-day self-quarantine with her husband and daughter.

“Despite all the inconveniences of the confinement, I do see something positive coming out of the experience. We are more conscious of a strict hygiene routine, have had the rare time to reflect on what’s important in life, learned to appreciate family, friends and colleagues more after this long period of separation, and have become even more skilled conducting business online. Our lifestyle and work style will change after this experience,” she wrote.

It’s too early to say whether the outbreak will forever change the outlook of Chinese consumers, but fashion CEOs who expect them to binge on luxury goods once things improve had better be prepared for a new era of more considered consumption in China.

While middle-class shoppers, especially in second- and third-tier cities, will still want to get their fix of Louis Vuitton and Gucci with a fancy wallet or handbag, an increasing number of educated and well-off Chinese may start prioritising things such as health, fitness, and well-being, as well as experiences that they can share with each other, both in real life and online.

It’s hard to believe that just two months ago Chinese shoppers were raiding luxury stores such as Hermès, Gucci and Chanel both in their home country and overseas. Now they’re hunkered down at home and struggling to get their hands on hard-to-find surgical masks and hand sanitisers, which have become as coveted as those pricey handbags of yore.

Luxury executives who have looked to China for their growth strategies must realise that it may no longer be the proverbial goose that lays the golden eggs.