However, Winston Chesterfield, associate director at Wealth-X, told CNBC it depends on the depth of the devaluation.
"Vast swathes of China's luxury shoppers currently shop overseas, or purchase through daigous ("agents" who source goods from markets outside China), for lower prices. China itself is only the 'fifth biggest luxury market' (Deloitte) but its value-seeking consumers overseas' spending powers the Chinese further up the league," Chesterfield said.
"We know from this that prices of luxury goods do matter to Chinese luxury shoppers. A weaker yuan will hit their buying power and inevitably have some effect on buying, but the question is whether a small percentage reduction (under 5 percent) will make much difference," adding that many brands hope it won't impact greatly, but the People's Bank of China could devalue the currency even further.