Luxury Market: Buyers No Longer Insist On The More Expensive The Better.
China's impact on corruption continues and Chinese consumers choose more overseas shopping and purchasing.
But this report predicts that China's luxury market will return to positive growth this year.
According to reports, Bain estimated that the total consumption of China's luxury goods market in 2014 was about 115 billion yuan, down 1% from the same period last year, an increase of 2% over the previous year.
However, Chinese consumers still have strong purchasing power in the global luxury market, including mainland sales, purchasing and outbound purchases. Their total consumption is about 380 billion yuan, an increase of 9% over the same period last year. It is still the world's largest luxury buyer.
Bruno Lenna, Bain's global partner and author of the report, pointed out that in 2014, sales of men's clothing, watches and some luggage products declined significantly in the Chinese luxury market, while women's clothing and footwear continued to grow strongly before.
China's anti-corruption campaign continues to advance, making the demand for luxury gifts continue to shrink.
According to the report, another obvious change in the domestic market is that consumers prefer more diversified brands. Consumers no longer insist on the more expensive and better brand concept, and so on. The factors such as exclusive, high quality, cost-effective, and no obvious trademark become more and more important.
Bain is currently in the 1400 place in China.
Luxury goods
Consumer research found that 70% of respondents said they liked to try different brands and styles.
Consumers for Louis Weedon, Hermes,
Gucci
The popularity of luxury brands such as Dior and Dior is decreasing. Some of the brands that followed closely, such as Versace, Tiffany and new luxury brands such as Paris, are enjoying a rising popularity.
In the 2013 survey, consumers were more concerned.
Overseas shopping
Key words such as discount store and brand logo, and the key words of concern in 2014, style, fashion and speciality rank in the top.
Nearly half of consumers think this is too flaunt, obsolete and vulgar, and the proportion is obviously higher than that of 2013.
In 2014, most traditional luxury brand sales in China showed a negative growth. Only a few brands such as Chanel, Hermes, Tiffany and others still maintained positive growth. Most brands slowed down the expansion of new stores in China, and some brands such as Dunhill and Zegna also closed some stores in China.
Bruno pointed out that luxury brands, which focus on fashion or pay more attention to design elements, experienced an upward trend last year.
In addition, the proportion of buying and sending by relatives and friends or buying and buying by overseas buyers is also increasing. In 2014, the scale of China's overseas purchasing market reached 550-750 billion yuan, mainly concentrated on cosmetics purchasing, followed by leather luggage, watches and jewelry.
This is mainly due to the increasing number of consumers who are pursuing price realistically and realizing the price difference, as well as the rapid development of professional purchasing agencies and cross-border logistics companies.
Bruno predicts that China's domestic luxury market will return to positive growth in 2015, because the purchasing power of consumers is steadily stabilizing, and luxury brands will reinvigorate their sales network and change strategies to meet the needs of Chinese consumers.
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