Luxury Sales: Asian Market No Longer "Engine"

Singapore's media Asiaone.com reported on Monday that sales of luxury goods have been declining due to slowing economic growth in Asia and various political factors. The Asian market is no longer the engine of luxury sales growth.

In addition to the impact of the mainland market, China's Hongkong, Thailand and even Singapore have also been greatly affected.

Sales of Louis Vuitton Moet Hennessy (LVMH) in the first three quarters of this year dropped 3 percentage points in the Asian market excluding Japan, the first decline since 2010.

Data show that LV group has gained something in the European market.

The European market has been in a weak state for the past few years.

In the 9 months, it showed a trend of growth.

Arnaud Cadart, an analyst at CM-CIC securities, believes that the situation in Asian markets is rather special. In general, there are few economic, monetary and geopolitical factors that will affect the Asian market.

The economy has a negative impact.

Despite the decline in luxury sales, not all luxury companies have cut their sales and expansion in the Chinese market.

Hermes opened a new store in Shanghai last month.