中國高端消費市場陷入冷淡 巴寶莉等奢侈品打折力度高達50%

Hello, everyone. Welcome to China with an eye. I'm Sun Ning. The sky is falling. The sky is falling. The market is falling. Chanel CX chip is 50,000 yuan before February. Now it can be bought within 45,000 yuan. Like this, 30,000 pieces of code. Then the color of the small number of wandering thousands of dollars can be bought. Like this, more than 10,000 goods can be bought. There are still many Chanel. I have to lose money. The current situation in the Chinese market is not good. The overall performance of the price has generally fallen. Especially the high-end and luxury areas have been greatly affected. This man said that the price of Chanel bags has generally fallen. Even losing money, selling, but no one is willing to buy. As China's economy declines, consumption is weakening. More and more middle-class consumers are more cautious about high-priced goods. This makes luxury brands such as Barboli, Italian luxury brand Fanzer, etc. Big discount on Chinese e-commerce platforms. Up to 50% According to the Financial Times, Mark Jacobs, the American co-brand founded by Mark Jacobs in early July, On Alibaba's high-end e-commerce platform Tianmaoshepin Discounts of more than 50% on handbags, clothing and shoes Italian luxury and high-end fashion brand Bautica On the same platform, they provide 24-month free loan service for buying handbags. In order to attract more consumers, luxury brands have started a price war. It was unimaginable before. According to data analysis company LuxuryInsight In 2024, the average discount of Fanzer and Barboli products in all Chinese distribution channels In some cases, it will even exceed 50% In 2023, it will be 30% and 40% Barboli continues to suffer under the influence of a decline in luxury demand Especially in the Chinese market The company warned on July 15 Within three months of June 29, the company's retail sales fell by 22% to 458 billion pounds Last year, it was 5.89 billion pounds The company warned that if the business decline continues to the second quarter It is expected that business losses will appear in the first half of the year All-year operating profits will also be lower than expected Barboli also said that given the current trading situation It will stop sending shares to shareholders to save money this year Its share price fell 16% to 7.4 pounds per share on the same day Until the end of July 16, Barboli's share price was 7.05 pounds per share The latest market price was 24.8 billion pounds, setting a new low In recent years, its market value has shrunk by nearly 60% Performing in the same line as the latter According to Barboli's latest report The company's sales in the Asia-Pacific region fell by 23% in the same period as last year Of which the sales in mainland China fell by 21% The sales in the US market fell by 23% The South Asian and Pacific markets fell by 38% The Korean market fell by 26% Chairman Ge Li Mo Fei said These data are disappointing The luxury market is more challenging than expected He added that the company is taking action Will improve the company's performance in the second half of the year In addition, Barboli also pointed out Under the background of a slowdown in luxury demand Businesses and all major markets Are affected by uncertain macroeconomic factors Leading to a slowdown in the luxury industry as a whole Faced with the challenge of the company's sales performance Barboli announced on July 15 Appointed Ushuaia Shulman as the new chief executive Former chief executive Jonathan Ackroyde Resigned immediately upon the board's approval For some luxury buyers The discount may not be a good thing The Financial Times quoted the fashion planner And Shanghai creative agency Poptech's joint director Pookie Lee Some brands' large discount Changed his view of these brand values Lee said When many people buy high-priced fashion and luxury brands More or less expect them to keep their value Luxury brands affected by the economic downturn More than one Barboli In March this year, the French luxury giant Kaiyun Group issued a profit warning In fact, a large luxury brand 50% decline in demand in China Experts told Bloomberg In the first four months of 2024 An average discount of three months Reached 40% In the same period last year The Parisian discount was discounted only in January The average discount rate is about 30% According to Lu Mei The original price is 17,200 yuan However, in the official flagship store of Tmall International The price is only 10,899 yuan Nearly 60% The Parisian discount strategy on the Tmall platform Has made significant adjustments Today's discount products Compared with the past Has increased by more than double Occupying more than 10% of the total sales in Tmall Between January and April According to the Financial Times July 16 In this report Li Feng Group pointed out The main reason for the decline Is the decline in the Chinese mainland and Hong Kong and Macau markets Especially obvious According to the latest data of the Swiss Central Exchange Industry Association Affected by the decline in the Asian market The total export volume of the Swiss watch in June Is 2.3 billion Swiss franc Down 7.2% in the same period in 2023 In the past six months The entire watch industry The total export volume to overseas Is 12.9 billion Swiss franc Less than 3.3% in the first half of last year Take a closer look at the performance in June Hong Kong and the Chinese mainland market Continued to perform poorly Serious decline 23% and 36% And Li Feng Group's watch shortage It's been going on for quite a while In 2024 The whole year has been hit hard The total sales volume has fallen by 3% To 3.7 billion euros The operating profit has fallen by 22% No doubt Switzerland is another watch giant In June 30, 2024 In the past six months The total sales volume of SwissWatch Group It fell by 14% The journey has severely mended the sales volume The business profit has been down 70% This is also the business group Since 2021 In the first appearance of income downturn SwissWatch Group said The main reason for the fall in sales volume Is the very low demand for luxury goods in the Chinese zone Chinhона The CEO of Swatch Group, Nick Hayek, said in an interview with Bloomberg that some of Swatch Group's watch brands have postponed orders from suppliers because Swatch Group's production will be reduced by 20% to 30%. Hayek said, some of the brands that have external suppliers have postponed some orders, but I can tell you that not only us, but the entire Swiss watch industry is like that. According to a joint report by Morgan Stanley and Swatch Charts in July, the largest number of watches traded in the second quarter of 2024 has fallen by 9 times in a row in the second-hand market, down 2.1%. This trend has affected all major brand groups, and the price of second-hand labor watches has also fallen by 2.2%. Morgan Stanley further analyzed in the report that the price of the second-hand market is unstable in the short term. This situation puts pressure on Swatch's pricing strategy, weakening their pricing ability. The founder of Swatch Group, Shen Zhengqi, also said that the high price of Swatch in the Chinese market will continue to decline. One of the important reasons is that the Chinese luxury market has a large stock, and the number of users is still shrinking. More funds are still being drawn out of the industry. Shen Zhengqi further added that the financial attributes of watches are gradually declining, and it is more dependent on basic attributes such as wearing and socializing. It's not about keeping the value, it's not about upgrading, especially high-end watches. Only users who really like traditional watches and have a certain economic foundation will choose. This part of the population itself is a minority. President Zhou Ting of the Yaoke Institute pointed out that in the increasingly rational moment of consumers, the market for useless consumer goods will decline. The key to the future brand competition is to fight for the brand position, the ability to innovate products, and the ability to serve customers. The industry believes that the younger trend of watch investment in recent years is one of the important reasons for the fluctuation of mid-range demand in the second-hand market. According to the luxury watch e-commerce platform Toronto24, watch investors under the age of 34 account for 64% of the group, of which investors aged 18 to 24 account for 42%. No Agency fashion industry analyst Tang Xiaotang once said that under the background of rapid economic growth, young people are expected to grow in wealth. Of course, it's not easy to buy. But with the slowdown in economic growth, their ability to resist risks is weaker, affecting consumer will. In addition, while Li Feng Group's performance in Asia is negatively affected by China, it has increased in other regions. The company said that the growth of sales in South Korea and Malaysia offset the 27% decline in Hong Kong and Macau. Japan recorded the strongest sales growth in the region, reaching 59%. As the yen softens, tourists seize the opportunity to buy luxury goods. Retailers' business is booming. U.S. sales surpassed expectations and increased by 10%. This is due to the continued increase in domestic demand in various distribution channels. The U.S. surpassed China in 2021 and became the first destination for watch exports. In Europe, sales increased by 5%. But this is not enough to offset China's low-priced market. According to Bloomberg, Bernstein analyst Carl Sorka said in a report released by Swarovski Group. We believe that China's demand crisis will not end immediately. These difficulties also affect the wider luxury industry. On July 16, the German high-end fashion brand Rügebos, under the guise of softening the Chinese market, lowered this year's profit guidance. The company's stock price plummeted to the lowest level since 2021. The British Barbarie Group issued a profit warning, and its stock price was hit hard. As the luxury industry continues to plummet, the wealth of the rich in the luxury industry has plummeted significantly. Bloomberg reported that six of the luxury industry's richest this year's assets have evaporated to $2.4 billion. In contrast, other billionaires' assets have increased by 13%. Among them, the founder of Kaiyun Group, Fulang Sovapino, has risen to $2.8 billion in the past three years. Luwei Mingxuan, founder Bernard Arnault, has fallen to $7.4 billion in the past year. Recently, he has given the world's richest position to Musk again. Looking back, the luxury market has seen a strong growth in 2021. The performance of the Chinese market is particularly eye-catching. The data released by Beyond Consultation shows that in 2021, the sales volume of personal luxury goods in mainland China increased by 36% to $4.7 billion. This is twice as much as the sales volume in 2019 before the epidemic. The turning point was in 2022. A report released by Beyond in 2023 pointed out that the Chinese luxury market fell by 10% in 2022, ending five consecutive years of rapid growth. The outbreak of the epidemic again is the main reason for the decline. However, due to the stable performance of the European and American markets, the global luxury market still rose by 17%. After 2023, the European and American central banks continued to increase interest rates. China's economy recovered after the epidemic. Luxury giants are gradually catching up with the industry. Luxury giant Lu Weimingxuan increased its performance by three quarters in 2023, which is the first two quarters. This indicates that the global consumer's enthusiasm for high-end goods consumption is gradually weakening. The Wall Street Journal reported that China's luxury consumption is on fire. China's economic crisis means that Lu Weimingxuan and other luxury companies may encounter trouble in the future. An industry expert said that although high-end brands are looking forward to China's market to boost income and improve performance, China's middle-class consumer concept is undergoing profound changes. As China's consumer power in the global luxury market, it is becoming more and more minimalist and rational. They either insist on waiting for discount sales, or simply give up large-scale consumption and turn to more practical and cost-effective products. According to CNBC, a report by Bayon Consulting Company in June pointed out that in the face of a challenging macroeconomic environment, GDP growth is weak, and consumers' confidence is weak. There is a so-called luxury shame phenomenon in the mainland. These factors affect the consumption and business performance of the middle class. The senior partner of Bayon Company, Deng Ming, said that it is not that the rich in the mainland do not want to spend money on luxury goods, but that people are becoming more cautious about the consumption desire of luxury goods. This attitude is expected to continue. The partner of Bayon Company and the global manager of fashion and luxury goods, Dapi Qiao, pointed out that rich customers are afraid of being seen as showy. The luxury shame phenomenon is similar to what happened in the United States between 2008 and 2009. Even people who are able to buy these products are not willing to do so. On the contrary, Chinese consumers are becoming more and more fond of the low-key luxury style. Deng Ming pointed out that as Chinese consumers become more mature, they are no longer willing to pay a price just because it is a foreign brand, but pay more attention to the quality of the product and the value of the brand. Bayon's report pointed out that although the global personal luxury industry is expected to grow steadily, with a growth rate of 4% to $4.2 trillion, the Chinese luxury market is facing serious challenges. The overall performance is not good. The political position of the Chinese Communist government also played a certain role in the Chinese consumers' luxury shame. Zhou Qiming, the person in charge of Aowei Consulting, pointed out that the Chinese Communist government has been promoting co-prosperity. They have been persuading any form of capitalism. In May this year, the mainland began to crack down on show-off and banned some Internet celebrities known for their luxurious lifestyle from being exposed on the mainland social media. Da Pi Qi Ao believes that the co-prosperity movement in the mainland has had an impact on the minds of the people of the mainland, because some wealthy classes have begun to transfer funds abroad. According to Lu Mei, not only is the luxury brand facing unprecedented challenges in the Chinese market, but also the luxury brand, which is more affluent in price, is having a hard time. The performance of the Danish luxury jewelry brand Pandora in the Chinese market is very poor. In 2023, the sales of Pandora in the Chinese market fell by 9% to 5.6 billion Danish kroner. Organic income has increased by 18%. Lu Tou said that the Chinese luxury consumption has continued to decline, and this year it is unlikely to reverse. This will further exacerbate the decline in luxury consumption. Thank you for watching. Please subscribe to our channel. See you next time.