"Everybody wants rich Chinese Tourist"

dimanche 26 juillet 2015

Many Chinese tourists have stayed away from luxury hot spot Hong Kong

Last week, Burberry said it would realign prices to match its rivals after brands such as Chanel and Patek Philippe reduce prices in Asia more than 20 percent to close the gap with Europe .
Kering will take stock of its pricing policy, particularly its flagship brand Gucci, with the publication of first quarter results on Tuesday.
Global Blue said overall global tourism spending worldwide has reached its highest level in March since May 2011, despite spending Russia falling 39 percent, against a decline of 51 percent in January .

Watches and jewelry +67%

Watches and jewelry made better, with sales up 67 percent in March against 32 percent the previous month, he said. Leather goods sales increased by 50 percent, against 24 percent
Many Chinese tourists have stayed away from Hong Kong
Chinese tourists spent a record amount on luxury goods last month, helped by shopping sprees in Europe as the weak euro made products cheaper than at home.
- Chinese tourists spent a record amount on luxury goods last month, helped by shopping sprees in Europe as the weak euro was cheaper than items at home, the VAT refund business Global Blue said.
Spending by Chinese tourists, the biggest luxury goods buyers, jumped 122 percent in March, after rising 52 percent in February, bringing the increase for the first quarter to 67 percent, Chinese tourists expert said in a report released Monday.

+32% of Luxury consumption

This compares with an increase of 32 percent in the fourth quarter and 18 percent in 2014.
Many Chinese tourists have shunned luxury hot spot Hong Kong - where the big brands have invested in new stores in recent years - following pro-democracy protests last year.
"This continues to reflect the shift in Hong Kong Chinese spending to Europe in particular, given the widening price differentials, which is a much discussed topic during the current earnings season," said Barclays a broker in a note on the Global Blue figures.
exchange rate movements led to significant regional differences in prices, with the same luxury product sometimes costing more than 50 percent less than in European capitals in major Chinese cities.

Digital Influences Chinese tourists

The trend has encouraged Asian buyers to snap up goods in Europe and sell them at home, a practice often referred to negotiation in parallel or gray market and which concern marks could raise questions about their products' perceived authenticity.
Experts estimated 20 to 40 percent of luxury sales in mainland China are now parallel, based on what leaders and luxury goods consultants said.

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