9 December 2022

Luxury brands are questioning whether continuing price increases in the China market are the right choice. The brands say they are aimed at consumers who don’t have a problem spending, especially those who, being young, do not look in the rear-view mirror at how much the same product cost three years ago.

At present, this strategy may work as Oliver Wyman’s “The New Faces of Chinese Luxury Buyers” report shows that 50% of Chinese fashion and luxury accessories buyers entered the market between October 2020 and September 2021. In other words, they are unaware of the previously charged prices. This year, according to the report, this audience share will drive more than 80% of market growth.

However, the situation in the Chinese market is changing, between the lockdowns, the economic slowdown, and the nationalist trend “guochao”.

Long gone are the days when droves of Chinese tourists would descend on Galeries Lafayette in Paris to buy a Gucci bag and show it off to their friends back home. It just does not have the same kudos to buy the same bag in Shanghai rather than Paris and pay more for it.

Increasing prices at every opportunity may turn out to be counterproductive for luxury brands that depend on China to boost international sales since, at some point, the price elasticity will eventually snap.

關於亞太區皮革展 ​

我們為皮革、物料及時裝業界創造面對面洽談的機會,爲客戶締造實質商機。我們雲集世界各地的商家,讓他們尋找新的合作伙伴,發掘潛在客戶或供應商,並掌握業界最新發展。

 

我們主辦多個專注時尚及生活潮流的商貿展覽會, 為這不斷變化的行業,提供最全面的買家及參展商服務,方便他們了解急速轉變的行業環境,並預測來季趨勢。

 

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