Mainland'S Anti-Corruption Efforts To Crack Down On Luxury Consumer Brands

< p > Bain Co., a US consultancy, released a report in less than two months, reducing the growth of China's luxury goods consumption by 0.5 percentage points to 2% this year, the lowest increase since 2000, believing that the slowdown will continue to 2014.

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< p > < strong > China < a href= > //www.sjfzxm.com/news/index_c.asp > luxury > /a > consumption prospect forecast < /strong > /p >

< p > Bain published the "China Luxury Market Research Report". This year, China's luxury goods consumption was 116 billion yuan, rising by 2% per year, an increase of 30% and 7% compared with 2011 and 2012.

The study believes that the mainland's anti-corruption policy is against the consumption of gift giving. Under the appreciation of the renminbi, many consumers have shifted abroad to buy luxury goods, which has brought a double blow to the consumption of local luxury goods.

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< p > < strong > consumption 350 billion accounted for only 1/3 < /strong > /p >

< p > data show that mainland consumers in the "a href=" //www.sjfzxm.com/news/index_c.asp "overseas" purchase "/a" luxury goods continued to grow rapidly. This year, China's luxury goods consumption in the world reached 350 billion yuan, up 14% compared with last year, but only three of them came from mainland consumption, the rest were Hong Kong and Macao and overseas markets, while overseas consumption increased by 33% this year.

As for the Chinese, it continues to be the world's largest luxury consumer group, accounting for 29% of global consumption, up 4 percentage points from last year.

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< p > Bain global partner Bruno Lannes said that China's luxury market has been strongly contended by brands and has rapidly changed to a stable strategic development. Therefore, it is believed that the global brand mentality is finding where to grow and how to create growth.

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Bain published a report in October, pointing to the depreciation of the Japanese yen. This year, the global luxury consumption volume rose by only 2%, with the mainland's growth of 2.5%.

But in less than two months, the agency lowered its growth rate by 0.5 percentage points to 2%.

Meanwhile, China's luxury goods Market Research Institute, the Institute of wealth research, expects that the domestic consumption of China's luxury goods market will reach $28 billion this year, increasing by 3% annually, while overseas consumption will increase by 74 billion US dollars.

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< p > < strong > sales of Prada same store slowed down > /strong > /p >

< p > many luxury goods companies such as Prada are facing a slowdown in sales growth in the mainland.

Prada's performance in the semi financial year ended on the end of July this year, but the sales growth in the Greater China region, including Hong Kong, Macao and the mainland, slowed sharply to 13% in the second quarter.

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< p > earlier, it was reported that < a href= "//www.sjfzxm.com/news/index_c.asp" > Prada < /a > management told analysts that the sales growth of the same store in the mainland has been only a few units so far this year, which is less than 7% of the total sales growth of the same store in the first half of the fiscal year.

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< p > related links: < /p >

< p > when many brands seek overseas market expansion opportunities outside the mainland, the mature and stable American market is still their first choice.

Alexis mourot, chief operating officer of French footwear designer Christian Louboutin, told WWD in July 2013 that the United States is now the largest market for Christian Louboutin. If a European brand can not perform well in the US, it will be difficult to achieve success globally.

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< p > consumers may have heard of the brand name before, but have never met the formal consumption channel, and lack of a complete concept of the brand.

This is the current situation of designer brand in Chinese market.

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< p > Chinese consumers have become the world's first luxury consumer groups, but the main players in China's luxury market are still Louis Weedon, Gucci, burberry and Prada. The diversification of luxury brands is far lower than that of the United States.

Moreover, the sale of designer brand buyer shops such as Lian Crawford and 10 Corso commo is still short in China, and consumers are still in the breeding stage.

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