Chinese remain world’s biggest consumers of luxury products
Print Edition
Wealthy Chinese remain the No. 1 buyers of luxury products worldwide, appearing inured to economic turmoil at home as they zigzag the globe in search of deals on everything from handbags to jewelry, according to a poll released yesterday.
Global sales of personal luxury goods are expected to jump 13 percent to 253 billion euros (US$277 billion) this year, after two years of more modest 3 percent growth, claimed the report, which was produced by consulting firm Bain and released by the Altagamma association of Italian luxury producers.
Nearly a third of spending on high-end apparel, jewelry, handbags and shoes is by the Chinese, the study said.
Their spending is growing strongly, while high-end shopping from other nationalities is growing only slightly.
A plunge in the Chinese stock market this year hurt consumer confidence more in the United States, which has fresh memories of the 2008 financial crisis, than in China, it claimed.
Just 20 percent of Chinese spending is done at home, as people going on shopping sprees in foreign countries, where prices are often lower.
While Paris, London and New York have been popular destinations, it is hard to predict where Chinese shoppers might flock to next, said Claudia D’Arpizio, a senior partner at Bain.
Unlike European and US shoppers, who tend to have favorite destinations they return to, the Chinese “have zero country loyalty,” she said.
They monitor the Internet for the best prices “and they change their travel plans to get to the best shopping destinations,” she said.
That has become particularly true since the Chinese central bank devalued the yuan in August, making it more expensive for Chinese to travel and shop abroad.
For now, the weak euro is drawing them to Europe, while a strong dollar is making the US less attractive, the report claimed.
Tokyo is the primary destination for Chinese shoppers, while Moscow, whose currency has been weak this year, is another favorite. Australia is growing in popularity, the study said.
One consequence of the trend is that luxury goods shops are increasing their prices to squeeze profits out of the traveling Chinese shoppers, it said.
In Europe, that has translated into price increases of between 5 and 7 percent a season as brands seek to reduce the price differential between China and Europe caused by currency swings.
Americans, the second largest class of global shoppers, are returning to Europe, fortified by a strong dollar. They are expected to increase tax-free purchases by 67 percent this year. Stung by a weaker ruble, Russian tax-free shopping is set to fall by 37 percent.
The US, with its strong home market, remains the largest single personal luxury goods market with 78.6 billion euros in projected sales this year. In Japan, sales are expected to hit 20 billion euros, followed by China with 18 billion euros, and Italy and France with 17 billion euros each.
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