Overseas Consumption Of Chinese Luxury Goods This Year Or Reduced The Pformation Of Traditional Overseas Shopping Tours

In January 20th, Bain consulting, a Chinese company, released the annual report on China's luxury goods, China.

The market fell for the first time in eight years, down 1% from 2013 to 115 billion yuan.

In sharp contrast, the total consumption of luxury goods in China increased by 9% over the same period last year, about 380 billion yuan, of which nearly 70% came from overseas consumption, including overseas purchases, mainland sales and purchasing agents.

The report says watches,

The decline and the slowdown in luggage growth were the main reasons for the decline in the consumption of luxury goods in China in 2014.

55% of China's total consumer spending comes from outbound shopping, which is also one of the reasons for the fall in domestic consumption.

The huge difference between domestic and foreign luxury consumption has become an important factor in the "outflow of fertilizer and water".

Extravagant shopping and overseas purchasing are the main reasons for the consumption of luxury goods.

According to the report, the scale of luxury overseas purchasing market in 2014 is estimated at 550-750 billion yuan, mainly in cosmetics purchasing, followed by leather bags.

And jewelry.

Of the 1400 consumers surveyed in the report, 70% said they had bought luxury goods in 2014, and the respondents said that the price difference was still the decisive factor in choosing purchasing agents.

Reporters learned that the average selling price of luxury goods in China is 50% higher than overseas. Even the luxury brands that try to make electricity suppliers on Tmall international are much more expensive than foreign countries.

This has enabled the purchase channels such as Hai Tao purchasing to grow rapidly.

The report also pointed out that the consumption of overseas luxury goods increased by 21% in 2014, of which Japan and South Korea were the biggest beneficiaries. In 2014, the consumption of Chinese luxury goods in these two markets soared 61%, and Europe and the United States increased 28% and 39% respectively.

It is reported that the number of outbound tourists in China has exceeded 100 million in 2014, leading significantly in the Asia Pacific region in terms of travel frequency and cost.

As the United States and Japan relax visa respectively, it is estimated that the number of Chinese tourists traveling overseas will continue to increase in 2015.

Traditional overseas shopping tour will pform overseas luxury consumption or decrease

Bain's survey found that 55% of consumers said they had spent money in luxury hotels or resorts, and 80% said they would increase their spending on leisure travel in the coming year compared to traditional shopping trips.

It is understood that in the past few years, the first task for Chinese people to go abroad is shopping, shopping bags and watches, and so on. They can save food and shelter, but this phenomenon has changed significantly since last year. Nowadays, people prefer to stay away from commercialized and heavy tourist places, choose places with local folk customs and culture, and prefer to go deep into the lives of local people instead of going along with the past.

Although the report shows that luxury goods still constitute a major part of Chinese consumption abroad, consumption in other areas has increased significantly.

For example, watching performances and taking part in sports such as surfing, diving, skydiving, and car driving are all the main ways of entertainment nowadays.

With the constant change of the traditional overseas shopping mode dominated by consumer luxury goods, domestic luxury consumption may also gradually pick up.

In addition, as luxury buyers become younger, mature and specialized, more and more consumers will pay attention to their comprehensive experience and redefine their value in the future.

When consumers no longer agree that "the most expensive is the best", the luxury market will also usher in a more rational new model.