After setting sail with The Louis, a ship-shaped pop-up store and exhibition in Shanghai that proved to be an unexpected tourist attraction, LVMH Moet Hennessy Louis Vuitton SE is planning to accelerate its expansion in China.

It’s the latest sign the country’s almost three-year luxury slump may be over. But investors betting on a swift bounce back may be disappointed. Many Chinese consumers are still grappling with the housing market crash and, among the young, unemployment. Confidence must improve before people unlock their $22.8 trillion in savings, nearly double the level just five years ago.

Optimistic shoppers are crucial to the luxury giants and their investors. Share prices have recovered since June. But reaching the next level depends on Chinese big spenders, the most pote

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