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: 老外黑人欧美一级毛片 | 国产高清在线免费视频 | 一本色道久久88 | 成人国产在线视频 | 欧美一级久久 | 国产a毛片 | 中国做爰国产精品视频 | 成人三级在线播放线观看 | 成人男男黄网色视频免费 | 日韩一区二区三区免费视频 | 中文字幕在线观看一区二区三区 | 成人午夜在线播放 | 免费观看一级一片 | 女人十八一级毛片 | 亚洲成年网站在线观看 | 一级片网站在线观看 | 最新理论三级中文在线观看 | 久草在线视频资源站 | 欧美色性视频 | 国产精品久久久免费视频 | 久久久久久久国产精品毛片 | 亚洲欧洲日韩在线 | 久久久久久亚洲精品中文字幕 | 色综合a怡红院怡红院首页 色综合精品久久久久久久 色综合九九 | 成人在线综合网 | 久久久久久久一线毛片 | 永久免费看毛片 | 91精品国产一区二区三区左线 | 国内主播福利视频在线观看 | 性生大片一级毛片免费观看 | 国产精品一级毛片不收费 | 亚洲三级a | 亚洲欧洲一级 | 久草在线观看首页 | 最新三级网址 | 久久国产视频网 | 乱人伦中文视频在线观看免费 | 免费一级毛片不卡在线播放 | 国产成人精品福利站 | 欧美一级毛片无遮挡 | 中文字幕乱|