China'S Luxury Market Is Slowing Down, And Shoe Growth Is Still Relatively Fast.

< p > following the growth of the 2013 a href= "http://sjfzxm.com/news/index_s.asp" > luxury /a > Product Market 6%, the growth rate of the luxury market in mainland China further slowed down in 2014, and the annual growth rate is expected to be around 2%.

This slow growth trend is expected to continue until 2015.

At present, Chinese luxury consumers spend about 2/3 of their total overseas consumption.

By contrast, the number of domestic stores is decreasing, and the speed of new store opening is slowing down.

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< p > China is still the world's largest luxury consumer group, contributing 29% of the total global luxury goods expenditure, an increase of four percentage points over the previous year.

At the same time, the market change, which was first seen at the end of 2013, became more prominent in 2014.

With the growing maturity of Chinese luxury consumers, women's consumer oriented products and fashion series show strong growth momentum.

These changes have set brand new priorities for the brand. Brand needs to reexamine its operation strategy in China from various aspects such as pricing strategy, customer relationship, fashion product setting and China's local talent management.

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< p > > a href= "http://sjfzxm.com/news/index_x.asp" > foresight < /a > the Industrial Research Institute pointed out several factors leading to the extreme prosperity of China's luxury market and the slow growth.

Gift giving has always been an important part of luxury consumption.

The government's efforts to combat corruption and build a clean government have had a considerable impact. The growth of watches and men's consumers is especially limited.

Watches accounted for more than 1/5 of the total domestic luxury consumption, and its sales decreased by 11% in 2013.

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Men's clothing category, which has a growth trend in the previous years, showed a slight decline in the year P.

Besides, cosmetics, perfume and personal care products are also slowing down.

This category is the mainstay of China's domestic luxury market. Its sales exceed 1/4 of the total sales, and its growth rate has dropped from 15% last year to 10% this year.

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< p > although the overall performance of China's luxury goods market is flat this year, Bain still finds a bright spot: Women's consumer oriented fashion and shoes show strong growth momentum, reaching 8% to 10%.

The growing maturity of Chinese female consumers and their growing influence are the main drivers.

This also makes the consumption expenditure of female consumers in China's luxury market flat for the first time with male consumers.

This is a great leap forward compared to the market trend that contributed more than 90% of male consumption in 1995.

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< p > "China's luxury market has rapidly developed from the enclosure stage to the stage of continuous attention to customer experience and comparable store sales." the foresight Industry Research Institute pointed out: "in the Chinese market, the focus of global luxury brands is shifting from the category and accessories dominated by male consumers to female consumers oriented products and fashions.

Brands are also actively addressing this important change. "

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