China'S Luxury Engine Deceleration, Men'S Watch Clothing Purchase Audience Reduction

In 2012, men's clothing in China's luxury market increased by 12% over the same period last year, but this year's consumption fell by 1%. Watch sales also declined from 5% last year to 11%, and the higher the price of watches, the greater the decline of P. China's luxury market continues to "cold winter". < /p >
< p > luxury goods < a href= "http://www.91se91.com/news/list.aspx ClassID=101112107108 > > Chinese engine < /a > why slow down? How should we view such a change? < /p >
< p > Bain report: from the fourth quarter of last year, the growth rate of luxury market in mainland China has slowed down significantly. Bruno Lenna, Bain's global partner and consumer goods, retail and luxury business in Greater China, told reporters that although the total consumption of luxury goods in mainland China amounted to 115 billion yuan this year, the growth rate was only 7%, compared with 30% last year, which is a bit low. Another report released by Bain in the same period said that the global luxury market is expected to grow by 10% this year, of which the fastest growing Asian market is 18%. < /p >
< p > "cooling" also includes Chinese consumers' overseas luxury consumption. The report shows that the total consumption of luxury goods by Chinese consumers outside Hong Kong and Macao is 191 billion yuan, up 15% from last year. That figure was 33% last year. < /p >
Luxury companies that have been working hard in the Chinese luxury market are also feeling the coolness: Louis Vuitton said recently that compared to the global market, this year's market share in China has dropped. Tiffany's latest earnings are lower than market expectations, causing its stock price to drop more than 7% on that day, which is thought to be related to its growth rate decline in the Chinese market. Some luxury brands have also slowed their expansion plans in China. A luxury brand marketing manager told reporters that in the second half of this year, the new store plan was suspended in the mainland of China. < /p >
Yesterday, Bain consulting released the 2013 China luxury market research. This year, the growth rate of China's luxury market is slowing down. The overall annual growth rate is expected to be only around 2%, compared with 7% in 2012. < /p >
Compared to 2011, the annual growth rate of China's luxury goods market in 2011 was 30%. The cold wave spread over the past two years. < a href= "http://www.91se91.com/news/list.aspx ClassID=101112107107" > Bain report < /a > shows that most luxury brands expect the growth of China's luxury goods market in 2014 will be basically the same as this year. < /p >
According to the consumer group, in 2013, luxury consumers in China were still the largest group of luxury goods consumers in the world, consuming 116 billion US dollars, accounting for 29% of the total consumption of luxury goods in the world. The proportion of local consumption has shrunk, and the momentum of Chinese consumers to buy luxury goods abroad continues to grow. Overseas spending accounts for 67% of the total expenditure of Chinese consumers. < /p >
< p > on the other hand, the Chinese government's anti-corruption has a great influence on the luxury gift giving trend. "There are a lot of business gifts in the first tier cities." Bruno, partner of Bain consulting company, told reporters that the two categories of men's clothing and watches were affected most seriously by the decline of the trend. < /p >
Men's clothing in China's luxury market increased by 12% over the past 1% months, but the consumption of this category dropped by 1% this year. The watch sales also declined by 5% from 5% last year to 11%, and the higher the price of watches, the greater the decline. < /p >
At the same time, in 2013, there appeared some new trends in China's luxury market in P. Despite the slowdown in overall market growth, women's consumer themes and fashion series show strong growth momentum. Bain concluded that China's luxury market began to shift from male to female dominated consumer oriented market, more like Europe and other mature markets. < /p >
< p > in addition, the attitude of consumers towards luxury goods shows a trend of polarization. Top and entry level < a href= "http://www.91se91.com/news/list.aspx ClassID=101112107105" > luxury brand < /a > is more eye-catching. < /p >
< p > Bruno believes that the local characteristics of Chinese consumers and the dual characteristics of globalization will continue to bring unique challenges to brands. In addition to better global customer relationship management, luxury brands should also re evaluate the global pricing strategy and adjust local pricing. < /p >