久久亚洲国产成人影院-久久亚洲国产的中文-久久亚洲国产高清-久久亚洲国产精品-亚洲图片偷拍自拍-亚洲图色视频

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Industries

Luxury industry bouncing back from slump

By Fan Feifei | China Daily | Updated: 2020-06-09 08:57
Share
Share - WeChat
Tourists purchase luxury goods at a duty-free store in Haikou, capital of South China's Hainan province, on May 2. [Photo by Luo Yunfei/China News Service]

E-commerce platforms step up efforts to cooperate with high-end brands after the novel coronavirus outbreak

The luxury goods sector has witnessed a rebound in China and is playing an active role in boosting global economic recovery despite the challenges posed by the COVID-19 outbreak, with more high-end brands accelerating their digitalization push and expanding their online presence, said industry insiders.

Italian luxury brand Bulgari is bullish on the prospects of its luxury business in the world's second-largest economy, showing full confidence for the recovery of its business as the contagion comes under increasing control in China.

"Luxury brands worldwide have attached great importance to the Chinese market. We hope to be a key opinion leader of the Chinese luxury market through creativity and design that suits the tastes and mentality of Chinese consumers. As for the Chinese market, our focus is more about its people," said Jean-Christophe Babin, CEO of Bulgari, in an interview with China Daily.

Babin said with China's growing economy, the country's consumers have become more sophisticated and refined in their tastes-qualities that are extremely important for luxury brands.

The COVID-19 pandemic has hit the luxury and fashion industry hard. According to a study conducted by Boston Consulting Group, global sales in these two sectors could drop by 25 to 30 percent this year compared to 2019.

Babin said when the pandemic was at its peak in China, the company closed 50 percent of its stores nationwide, which have now reopened.

The company encountered a strong rebound since mid-March, indicating the strength and resilience of the Chinese market as well as the recognition and demand of Chinese consumers toward luxury brands with a strong brand DNA, long history and exquisite craftsmanship, he added.

"Brick-and-mortar stores are still very important, while digitalization is also essential. The Chinese market has always been very dynamic and strong, so we will adjust our strategies according to market demand in the process of expanding our businesses," Babin said.

"Luxury as well as fashion have always been important protagonists in the post-crisis period. They have always been synonymous with creativity, beauty and rebirth. As a member of this circle, we have to spare no efforts in promoting the recovery of the global economy," he said.

When the virus is successfully controlled, consumers will leave their homes to enjoy offline shopping experiences, Babin said, adding that offline channels are still very important for luxury brands, especially high-end jewelry brands, in communicating with consumers.

"Many brands began to expand their online presence since the COVID-19 outbreak. We introduced our official online shopping platform a long time ago and have achieved great results. We hope to provide consumers with valuable, convenient and rich experiences through digitalization," he said.

Meanwhile, e-commerce platforms have stepped up efforts to cooperate with luxury brands since the outbreak, as more Chinese consumers are turning to channels within China to buy luxury products considering restrictions on travel and widespread closures of offline stores.

According to Chinese e-commerce giant JD, since the beginning of January, around 20 luxury brands have opened stores on its online marketplace, such as the world's oldest fine leather goods house Delvaux, jewelry brand Goossens and British luxury leather brand Smythson.

"The pandemic has affected many industries, and luxury is no exception. It has encouraged many luxury brands to attach greater importance to online business," said Kevin Jiang, president of international business at JD Fashion and Lifestyle.

In the coming months they plan to offer more innovative programs, such as livestreaming and social e-commerce, to help brands deal with the impact of the pandemic, Jiang said.

"Chinese luxury-brand consumers are younger than Bulgari's consumers worldwide. Compared with European consumers, Chinese consumers are exposed to luxury brands at a younger age. The average age of our Chinese consumers is between 25 and 35, while the age of European consumers ranges from 34 to 45," Babin added.

Moreover, he emphasized that transparency and fair trade in the jewelry industry are playing a more important role in affecting the purchase of jewelry.

Other luxury brands are recovering from the COVID-19 pandemic. French luxury group LVMH said its top brands including Louis Vuitton saw sales on the Chinese mainland rise by more than 50 percent year-on-year in early April. On April 11, Hermes reopened its Guangzhou flagship store and reportedly achieved turnover of $2.7 million in a single day.

Laurel Gu, category director of consultancy Mintel China, said demand for luxury products and services was dampened since the COVID-19 outbreak. In the short term, this is a temporary drag, mainly associated with financial pressure, but is likely to recover as personal financial circumstances improve.

"In the long term, we expect to see the definition of luxury evolve and become a state of mind, rather than ownership of things. In general, we predict 'mindful consumption'-as opposed to buying without much thought or for the thrill of it," Gu said.

Chinese luxury spending is expected to double to 1.2 trillion yuan ($169.7 billion) by 2025, delivering 65 percent of growth in the market globally, a McKinsey report said.

While the COVID-19 pandemic has made for a challenging 2020, with careful planning and deft execution, the luxury goods sector can successfully weather the crisis and emerge even stronger, the consultancy said.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 中文字幕成人免费视频 | 欧美三级欧美成人高清www | 网站免费满18成年在线观看 | 日本韩国欧美在线 | 亚洲在线观看视频 | 国产精品嘿咻嘿咻在线播放 | 日韩成人在线观看视频 | 国产欧美日韩精品一区二区三区 | 成人免费手机在线看网站 | 国产一二三区视频 | 亚洲欧美日韩中文字幕在线一区 | 三级全黄的视频 | 久久久久无码国产精品一区 | 91精品国产免费久久久久久青草 | 亚洲精品国产精品精 | 一区二区三区四区产品乱码伦 | 国产高清免费视频 | 久久精品国产99精品最新 | 久久99国产精品久久99果冻传媒 | 韩国精品一区二区三区在线观看 | a级特黄毛片免费观看 | jyzzjyzz国产免费观看 | 欧美日本在线视频 | 国产精品亚洲四区在线观看 | 午夜香蕉成视频人网站高清版 | 国产一区二区三区美女在线观看 | 久久免费99精品久久久久久 | 亚洲影院中文字幕 | 欧美高清一区二区三区欧美 | 欧美手机手机在线视频一区 | 国产呦系列呦 | 午夜香港三级a三级三点 | 久久亚洲国产视频 | 中国美女牲交一级毛片 | 久久精品国产免费观看99 | 美女个护士一级毛片亚洲 | 免费播放欧美毛片欧美a | 97国产精品欧美一区二区三区 | 欧美特黄一片aa大片免费看 | 久久久一区二区三区 | 久久精品人人爽人人爽快 |