What Luxury Goods Do Chinese People Like To Snap Up?

Mainland tourists spend the first time in shopping.

Chinese tourists are coming.

"Before, a passport restricted two bags, but the sales situation is very good, usually in the shop in the morning just arrived a batch of goods, in the afternoon will sell the goods. From the end of last year, LV has issued a new rule that a passport can only buy one bag. Liu Xiaojie, who works in LV store in Paris, said.

In the famous San Yue Department store of Ginza in Tokyo, the salesgirl's communication with Chinese guests is very common. The payment office posted a notice "we welcome the use of UnionPay". The elderly Japanese managers stood at the door and bowed 90 times to the Chinese tourists.

From harrow department store in London to some famous factory shops near Milan, overseas businesses are all smiling, welcoming the arrival of Chinese tourists.

In May, according to a recent survey released by the global tax rebate company, Chinese tourists bought duty-free in France in 2010. Total merchandise Up to 650 million euros (about 6 billion 130 million yuan), won the title of the French shopping king. In June 14th, Hurun and the ILTM Asia jointly published the first white paper on China's luxury tourism market (hereinafter referred to as the white paper), saying that in 2010, 90% million millionaires went abroad to travel abroad. Mainland tourists spent the first time in shopping expenses in the world, occupying 17% of global consumption.

The white paper shows that tourism is the most popular among the 960 thousand Chinese richest. Leisure time The average frequency of going abroad is 3 times per person. The rapid development of China's luxury tourism market is mainly due to the rapid growth of wealth in China's new rich people, their huge demand for luxury tourism and luxury goods, and the convenience of RMB appreciation and visa.

Where did the money go?

France, the United States and Australia are the most popular international tourist destinations for the rich. Sanya, Hongkong and Yunnan are the most popular domestic tourist destinations for the rich.

Hurun's survey of 463 tens of millions of richest men and women shows that the richest places to travel abroad for the first time are the United States, Australia, Japan and Thailand, followed by Singapore and Italy, Germany, Britain and other European countries. The second time to travel abroad was mainly Asian countries such as Thailand, Singapore and Japan, and Europe again. In 2010, 90% of the rich went abroad for an average of 2.3 trips, mainly for sightseeing and shopping.

The average annual consumption of the billionaires accounts for 5% of all their assets. They have 3.3 cars and 3.7 watches on average.

According to the report of the global tax rebate company, France is the first place for foreign tourists to shop in Europe. Chinese tourists buy 1/3 overseas goods from France. Data show that the consumption of Chinese tourists in the same store on the same day amounted to 1300 euros (about 12 thousand and 300 yuan), which is nearly double that of 2005.

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In May, Bain consultancy limited and the Italy luxury goods producers association released a semi annual report on the luxury market. The report points out that in 2011, the global luxury market will reach 185 billion euros. If China's purchasing power of overseas consumers is included, China has become the second largest consumer of luxury goods.

In June 9th, China Council for the promotion of commodities and the World Luxury Association jointly announced the establishment of the China luxury Trade Commission. The World Luxury Association also released 2011 latest reports. In 2010, the total consumption of luxury goods in the mainland of China reached 10 billion 700 million dollars (excluding private aircraft, yachts and luxury cars), accounting for 1/4 of the global share. More than 80% of the top luxury brands in the world have been stationed in China. It is estimated that in the first quarter of 2012, China will surpass Japan in the first quarter of the new year, Spring Festival and Valentine's day, and become the world's largest consumer of luxury goods.

Since 2011, the sales figures of luxury brands LV, BURBERRY and TOD have exceeded the market expectations. Chinese consumers have already surpassed Korea, Japan and the United States and become one of the top customers of LV. Financial data from Richemont Group, the world's top luxury brand, show that China's luxury consumption accounts for 20% of the total global sales of the group, and the total consumption of luxury goods in China accounts for 40% of its global sales.

What is the rush to buy overseas?

On June 16th, Yao Jian, spokesman of the Ministry of Commerce, said at a regular press conference that the import tariff would be further reduced, including medium and high grade commodities. However, compared with the situation of Chinese tourists rush to buy abroad, the growth of domestic luxury consumption is not optimistic. According to the data released by the World Luxury Association in June 9th, the consumption of Chinese abroad is 4 times that of the domestic market, and consumption is seriously shifting. Can tariff adjustment change this phenomenon?

Economist Guo Kai wrote that at the end of 2008, when the American economic recession intensified, the shops that had only been promoted on major festivals would be discounted every day. "A Chinese visiting group entered a high-grade luggage shop in Washington, D.C., and bought a few bags in the shop in a flash. None left. It's not because these people are too rich, but because they think it's really cost-effective, too cheap. "

Tariffs on domestic consumer goods are also higher than overseas prices. Taking imported cosmetics as an example, in addition to paying import duties of 6.5%~18%, it also has to pay 17% VAT and 30% consumption tax, which needs to pay a maximum tax of more than 60%. In addition, there are high toll, entry fee, logistics fee and turnover tax and income tax of value-added links in China. Data show that watches, bags, clothing, wine, electronics and other five kinds of products 20 kinds of high-end consumer goods, the mainland market price is 45% higher than Hongkong, 51% higher than the United States, 72% higher than France.

In addition, the quality of domestic consumer market is not high and credit is low. Chinese people prefer to buy in travel itinerary, or even choose to purchase through the Internet. {page_break}

China's per capita GDP is still very low, and the extravagance of wealth has become a phenomenon that can not be ignored. In addition, it is worth considering for our businessmen and buyers whether Western products really deserve our "worship".

Once upon a time, wealthy Japanese were spreading money all over the world. Some people joked that LV would not have today's status if it did not have the favor of Japanese consumers. Later, the Japanese brand gradually gained an important position in the world. Wakubo Rei, Lssey Miyake, Yamamoto Teruji, Gui Mei and other fashion masters are renowned all over the world. In the 2010 British whisky magazine evaluation, the best single barley item was won by Yoichi of Asahi Beer. In the blended whisky product, the Japanese Suntory Company's Hibiki was the world's first. Through these products with strong cultural attributes, Japanese consumers can face western market more equitable.