www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Make me your Homepage
left corner left corner
China Daily Website

Luxury market cooling down

Updated: 2013-12-18 01:09
By He Wei in Shanghai ( China Daily)

Sales of high-end watches, men's wear suffer biggest drops due to frugality drive.

Luxury market cooling down

The government's anti-corruption and frugality campaign has been cited as one of major factors dragging down growth in the country's luxury goods market.

Growth in luxury spending on the Chinese mainland is expected to cool to just 2 percent in 2013, down from 7 percent last year and a staggering 30 percent in 2011, according to Bain and Co's annual China Luxury Goods Market Study published on Tuesday.

The growth in China is moderate compared to global expansion of 6 percent. Total luxury spending of 116 billion yuan ($19.1 billion) in the country represented just 7 percent of sales worldwide.

The impact of the government crackdown on graft and extravagant spending is starting to have an effect, as is evident in the precarious drop in the sales of luxury watches and men's wear, two categories that featured prominently in gift purchases.

Watches, which make up more than one-fifth of the domestic luxury market, witnessed an 11 percent decline in 2013. Men's wear also shifted from being a growth category in prior years to slipping 1 percent.

"An interesting finding is that the higher the price for watches, the higher the decline," said Bruno Lannes, a Bain partner in China and lead author of the study.

Lannes said such momentum is likely to extend into 2014.

Gifting has long been identified as a major reason for luxury purchases in China. This year's research, however, found a significant drop in gifting among first-tier city consumers.

High-end businesses are feeling the pinch as stern government measures cut deeper into revenues.

LVMH, the world's largest luxury group by sales, suffered a 6 percent cut in net profit in the first half of 2013.

Handbag and accessory maker Gucci's quarterly growth of 0.6 percent was the slowest in four years.

This is largely attributable to "a consumer environment in China that has become more negative", Jean-Marc Duplaix, chief financial officer of Gucci's parent Kering, said during a conference call in October.

Swiss watch exports to China fell 13.9 percent year-on-year from January to October, according to the Federation of the Swiss Watch Industry. Investors are therefore increasingly concerned that China's tightening on customary gifts for favors — which often involved watches — would overshadow related businesses.

Dai Qiming, who recently quit his job as a civil servant at Shanghai's Xintiandi sub-district office, said he saw a sharp decline in receiving gifts by government officials in the first half of 2013.

"Some companies used to give out high-end bags or watches to my supervisors. Nowadays, none of them dare to receive the gifts because they don't want to risk losing their jobs," said Dai.

Despite the slowdown, Chinese remain the largest luxury buyers worldwide, with purchases constituting 29 percent of the global market, an increase of 4 percentage points versus last year.

Up to two-thirds of such luxury spending occurred overseas, the study showed, as the quick takeoff of outbound tourism nurtured a growing number of price-savvy Chinese customers.

A majority of them are now wising up to the considerable price differences between domestic and overseas markets, which can be up to 40 percent for certain items, said Qi Xiaozhai, dean of the Shanghai Commercial Economic Research Center.

This has in part squeezed the amount spent domestically, Qi noted.

One bright spot is the prolific growth in women's categories, with women's wear and shoes showing robust growth from 8 to 10 percent, said Lannes.

"Much of this performance stems from women's increasing sophistication and influence, which has driven men's and women's share of luxury spending in China to equal levels in 2013. This marks a rapid evolution from a starting point of over 90 percent spending by men in 1995," he said.

8.03K
 
...
...
...
主站蜘蛛池模板: 九草在线| 免费一级毛片在线播放不收费 | 老师张开腿让我爽了一夜视频 | 欧美另类视频一区二区三区 | 毛片欧美 | 欧美日韩精品乱国产538 | 三级理论手机在线观看视频 | 99精品视频在线观看免费播放 | 特级毛片aaa免费版 特级毛片a级毛免费播放 | 亚洲一区二区三区免费观看 | chinese农村野战videos | 精品欧美一区二区三区精品久久 | 国产在播放一区 | 国产在线观看免费视频软件 | 亚洲精品欧美精品国产精品 | 欧美专区一区 | 日韩不卡一区二区 | 欧美一级级a在线观看 | 国产l精品国产亚洲区久久 国产tv在线 | 老师张开腿让我爽了一夜视频 | 日日爱影院| 国产精品线在线精品国语 | 午夜三级a三级三点在线观看 | 亚洲一区二区三区久久 | 欧美一级视频高清片 | 亚洲一区二区在线成人 | 欧美国产综合日韩一区二区 | 久久九九有精品国产56 | aaaaaa级特色特黄的毛片 | 日本 欧美 国产 | 精品久久网站 | 99精品在线视频观看 | 特黄特色大片免费播放路01 | 久久国产精品二国产精品 | 2022年国产精品久久久久 | 久草在线视频新时代视频 | 国产手机免费视频 | 国产高清美女一级a毛片久久w | 一级毛片真人免费播放视频 | 日韩视频国产 | a级毛片免费观看网站 |