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China'S Annual Consumption Of Luxury Goods Exceeds 100 Billion US Dollars. This Year'S Growth Is Expected To Be Only 2%.

2013/12/29 16:11:00 23

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Luxury Goods Annual Consumption Chinese Market

recently, the world's major luxury goods group announced third quarter earnings, according to the published data, luxury sales growth rate has slowed down. In China, the growth rate of luxury consumption has been further slowed down by eight regulations and three public policies. Bain consultancy data show that the growth rate of China's luxury market is expected to grow by only 2% year-on-year this year, compared with 7% last year. 
 Chinese bought 47% of the world's luxury goods /p >
 however, < a href= "http://www.91se91.com/news/index_c.asp" > Chinese market < /a > is still the "big cake" that the luxury group is contending for. According to the "2013 China luxury report" released by the Institute of wealth research, the total consumption of luxury goods in China will reach US $102 billion in 2013. At present, the global luxury market volume is US $217 billion, which means that the Chinese will buy 47% of the world's luxury goods. It is still the undisputed largest customer in the global luxury market. 
 recently, the world's major luxury goods group announced its third quarter earnings. As of September 30th this year, the LVMH and the Lifeng group's revenue growth rate was only one digit, and all of them were below 5%. The open cloud group even had negative earnings growth; Prada performed better, with a sales growth rate of 10.1%, but its growth rate also decreased by 1.6 percentage points in the first half of the year. The semi annual report of Swatch group, which did not announce the third quarter, showed that as of June 30th, the group's sales volume was 4 billion 180 million Swiss francs, an increase of 8.7%, representing a sharp decrease of 14.4% over the same period last year. 
 it is noteworthy that the world-famous second-hand a href= "http://www.91se91.com/news/index_c.asp" > luxury goods < /a > franchised Milan station has recently announced earnings warning. The company expects that a significant loss will be recorded as compared with last year as of December 31st this year, and the expected loss is mainly due to the continued slowdown in the luxury handbag retail market this year and the weakening of consumer sentiment. 
P, a luxury industry, told reporters that the slowdown in sales this year is unquestionable. Especially in China, sales of luxury goods can be flat or slightly higher than before. 
 according to the results of the survey of 4650 Chinese high property consumers, the Research Institute of wealth research, a luxury Research Institute of China, predicts that within 3 to 5 years, luxury core consumers fleeing will further seriously affect the consumption enthusiasm of marginal consumers and potential consumers, and luxury brands will have a large-scale recession. 
 defect /p >
 1, too many outlets affect brand image /p >
"P" recently, Hermes removed from the Wuxi market and sounded the alarm for luxury brands to withdraw from the two or three tier market. In the past ten years, luxury brands have been expanding in many cities in China. The channel sink has seriously affected brand cost control, product sales and brand image. Zhou Ting, President of the luxury goods expert and the Institute of wealth and quality research, said that for luxury brands, brand image is very important. When the number of stores exceeds 3 digits, brand value will be inversely proportional to the expansion of stores. "In the global luxury market slowdown, regardless of cost control, service upgrading or brand image considerations, the control of the number of stores has become the primary issue of luxury brands." 
 it is understood that at present, including Cartire, LV, Versace and other brands have stopped the pace of domestic expansion, and even strategically close some stores, although the brand stores are still the main selling brands of luxury brands, but with the development of brands, diversified channels will bring new growth points. 
 strong > 2, opening < a href= "http://www.91se91.com/news/index_c.asp > > outlets" /a "shop" drinking poison to quench thirst ", /p >
Salesmen at P outlets told outlets of the new express that luxury brands could attract more customers and sell very well. "When low discount promotions are made, the products will be swept away." However, Zhou Ting believes that the opening of outlets is a behavior of "drinking poison to quench thirst" for luxury brands. "It is extremely disadvantageous to the brand image and brand value of luxury brands. The core consumers of luxury goods are rich people, and they will not be willing to buy goods from discount stores." 
Ms. P, who loves to buy luxury goods, laughs at the luxury outlets. "The luxury stores can meet the demand for luxury goods, but they are eager to have luxury goods." once the luxury opens the outlets, you will find that people around you can have this brand of merchandise. As Zhou Ting said, the outlets will accelerate the luxury brand to become a fashion brand, and the consumer group will shift from the core consumer group to the mass consumer group. "Some Orai stores are not well regulated, and they also provide a respectable channel for selling informal channels and non qualified products." 
 3, the second-hand shop business model lacks competitiveness. 
 wealth Quality Institute data show that the total amount of luxury goods that can be circulated in the hands of consumers now is about 300 billion RMB, showing a high growth rate of about 20% every year. However, due to the reasons of consumption concept and the undeveloped secondary circulation market, as for the first half of 2013, the spanaction volume of the secondary luxury market is only about 3 billion RMB. Although the market base is very small, the growth rate is very fast, with an annual average growth rate of over 30%, which exceeds the growth rate of the luxury goods market in the same period. Despite the rapid growth of the market, most of the second hand companies of luxury goods are small and most of them are in a state of loss, which stems from their single business model and lack of core competitiveness. 
 "the limitation of business mode results in the difficulty that secondary luxury operators are able to revitalize 300 billion of their resources." Zhou Ting believes that the secondary market is the blue ocean of luxury goods, but the second hand luxury operators should develop towards luxury customer comprehensive service companies, not just a sales channel. 
 4, the development of luxury electric business is only in the initial stage 
 for retailers, "electric shock" is a necessity, but based on the particularity of luxury goods, the development of luxury electric business is only in the initial stage. Zhou Ting believes that this will be another blue ocean in the luxury sales channel, and will usher in a stage of rapid development in the future. 
"P >" according to the domestic luxury goods supplier, western fashion related officials, many luxury electric business websites still attract consumers by price advantage, "but this is not a permanent solution. She mentioned that the luxury electronic business platform is clear that the future will take the road of differentiation. Whether it is market segmentation or content marketing, or the introduction of niche brands, luxury electric providers need to provide distinctive services under the premise of quality assurance so as to break through. 
 trend 
 luxury customization industry will usher in development opportunities /p >
In the "2013 China luxury report", the taboo of "luxury price" will usher in a new era of "cost performance". "Paying attention to cost performance" will become one of the marketing strategies of many luxury brands and appear in more luxurious brands' earnings reports. At the same time, the Institute of wealth quality predicts that by the end of 2013, the number of customized brands in China's luxury goods market will exceed 4000.