Fundamental Changes In The Luxury Market And Changes In Consumption Patterns

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In May, Bain consulting released a global luxury market research report in Milan. Europe's economy is weak, and Russia's geopolitical situation has changed.

Global luxury consumer market appears "new normal"

Countries such as Russia, Japan, Brazil and Indonesia reduced their luxury purchases and changed their consumption patterns. The Asia Pacific market performed the most, followed by China and South Korea.

The Chinese market continues to have a certain customer base, but figures from different regions show that the overall growth pattern in the first quarter is "new normal".

Traditional shopping methods such as brand stores and department stores are not very good, but tourism and online shopping are better, cutting budgets and developing international markets.

The global luxury market is growing moderately and tends to be more mature and stable.

Highlights of the countries and regions:

1, Europe, Western Europe hopes to maintain a strong tourism luxury shopping, the influx of tourists from China, the Middle East, Russia and Japan has slowed down, and Eastern Europe and Russia have slowed down faster.

2, Russia, the geopolitical situation is unstable, the economy is declining, and the overseas influx is decreasing.

3, the United States has strong fundamentals, and local consumers and tourists are growing. The biggest potential market is in European luxury brands.

4, Brazil, luxury shopping is slowing down.

5, Japan's local consumption record, luxury brand price growth.

6, China has seen fewer sales of luxury goods.

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In the region, sales in Korea were stagnant, Singapore and Indonesia performed better, and investment in Thailand declined.

Analysts said that over the years, Chinese consumers' purchases of luxury goods continued to rise, both at home and abroad.

This year, the price of luxury goods is likely to fall, highlighting investors' selling of luxury stocks.

According to the market reports of several well-known luxury group enterprises, the sales of luxury goods in China slowed down by 30% before 2011, and now it has slowed to 2%.

The luxury market has undergone a fundamental change. The consumption pattern may be changing. In less than ten years, the consumption of luxury goods in China has increased. The average age of consumer groups is smaller than that of Europe, and the average age of consumers is smaller than the average age of consumers in the United States for more than 15 years.

In the early years, Chinese tourists went abroad to shop without restraint.

Nowadays, more and more Chinese travel abroad, spend less and choose destinations selectively. Now, consumers are waiting for price cuts or discounts to buy them. Chinese consumers, especially women, no longer hesitate to spend money on luxury goods as they used to.

Besides, under the influence of film and art, China's fashion luxury goods go all over the world, and now it may also be a good period for the development of Chinese fashion and luxury goods.

In recent days, Alibaba has been listed in the US, and consumption in China is still strong. Famous luxury brands such as France have opened new stores in cities such as Shanghai. Global investors are optimistic about the Chinese market and the luxury market is more detailed.