China'S Luxury Consumption Engine Spreads Or Becomes A Norm.

< p > compared with the flourishing development of luxury market in 2009 and the engine of the luxury market growth, the Chinese market began to slow down in the second half of 2012.

This has led some companies that have earlier poured into the Chinese market to taste the pressure of economic slowdown.

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< p > according to Tencent financial report, basically no luxury brand is willing to say that Ken will talk to you about the two words of recession, even slowing them down.

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< p > according to the data of Bain & Company, in the past three years, the annual sales growth rate of luxury goods industry has exceeded 11%, which is mainly affected by < a href= "http://www.91se91.com/news/list.aspx ClassID=101112107108 > > big middle China area" /a "; in 2012, the sales of luxury goods in Greater China reached 19%.

But in 2013, the growth rate of the Greater China region is expected to drop to 4%, and the overall growth rate of the luxury industry will drop to only 2%.

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< p > in fact, although 30% (2011), 7% (2012) and 2% (2013), the data released by Bain said no doubt that the Chinese luxury market is ending prosperity, and this slow growth trend will continue until 2014.

But three years ago, luxury brands' posture in the Chinese market is always the same - opening new stores.

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< p > as of 2013, LV managed 64 stores in 32 cities in China, including 13 stores in 4 cities in the north and 4 cities in the whole city.

Burberry (Burberry) has opened 70 stores in 36 cities in China, of which only 14 are in the north of Guangzhou and Shenzhen, with a trend of 2:8 in two or three cities. GUCCI (Gucci) has opened 59 stores in 32 cities; Prada (Prada) has opened 27 stores in 19 cities.

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< p > however, the statistics of 20 < a href= "http://www.91se91.com/news/list.aspx ClassID=101112107105" > global luxury brands < /a >, which have taken part in Bain research, show that the number of new stores in the Chinese market has decreased from about 150 in 2012 to about 100 in 2013, with a decrease of about 1/3.

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< p > at the beginning of the year 2013, LVMH group said that the brand of Louis Weedon (LV) will completely inhibit expansion and will not continue to open stores in China's two or three tier cities.

Kai Yun group and Kering also said that they will slow down the expansion in the Chinese market.

LV, which has opened its flagship store to Inner Mongolia, China, and Gucci, which has occupied the two or three tier city's core shops, has begun to shrink its front line and launch a major turning point in its strategy in China.

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Less than P, it is worth pondering that the French luxury brand Cartire (Cartier) was also closed to 10 stores in China. It was pointed out that Cartire's sales in China had been difficult to maintain the two digit growth in previous years.

In addition to the cooling of the macroeconomic environment, the strict control of the "three consumption" has also played an important role, resulting in the sale of watches and men's wear, which are both important drivers of the two digit growth of luxury goods in the past.

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< p > as a luxury group listed in Hongkong, "a href=" http://www.91se91.com/news/list.aspx "ClassID=101112107101" > Prada group /a /a vice chairman Carlo Mazzi at the Asian financial forum in January 2014, said that with the globalization trend becoming more obvious, the future development of luxury goods market in the group will no longer focus on a specific country, but with a large population and consumption intensive high growth cities, and regional culture is another factor.

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< p > Carlo Mazzi says China will no longer focus on the market, and will focus on the development of key cities in the future.

When it comes to the Chinese market, Carlo Mazzi said that Chinese consumers are now spending anywhere in the world, especially tourism consumption, and therefore focus on the Chinese market.

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< p > in fact, in 2013, as a result of sales plunge, luxury brands had to start to plan on the balance between high cost of expenditure and sales risk.

As a result, the scope of luxury stores and the number of brands involved are not even lower than those of supermarkets and department stores.

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