Chinese Labor Day for five days holiday in It was early May once good an excuse for Quick European jaunt – with a side of luxury shopping on schedule of work.
but with Flights remained limited after China’s borders reopened in January, European luxury stores will need to wait longer for return of masses of The tourists who once relied on them on for growth.
This may be less important to the end result of More luxury companies than previously thought, though so are brands and investors struggling to get a handle on Chinese consumer recovery as local and overseas Shopping habits are changing after three unusual pandemic-hit years.
when it comes to upscale shopping overseasIt might be, retail industry executives and analysts say more important to consider the type of Chinese visitors to Europe instead of just Numbers.
air ticket Prices from China to Europe up to 80% more expensive By the pandemic, according to travel data company ForwardKeys, and the no of travelers over May holiday period was 64% less than in 2019.
These converge back Mostly to Europe business Travelers and the richest people who Antonio Belloni, managing director of LVMH, said it had the means to travel “a little differently”. in Interview.
Chinese visitors to places like Paris and Milan now tend to be higher spenders who Less sensitive to flight prices and more You are more likely to get visas because they can prove larger amounts in they bank said Amrita Panta, general manager of research and strategy at Agility.
Average value of transactions by Chinese travellers in Europe in March was 28% higher than 2019 levels, UBS said, citing data from value-added tax refund provider Planet.
He was the owner of Cartier Richemont, Hermes and LVMH best Developed to take advantage of affluent Chinese shoppers, UPS added.
LVMH’s Belloni said changing travel trends post-pandemic mean Chinese tour groups are likely last back if they do at all.
CEOs have been pressured by investors how stores You will deal with it with sharp rise in Traffic, but Belloni said a more Progressive return suit retailer.
“no one ready to manage complete changes in Traffic, be it stores, hotels or planes.”
In general, luxury companies focus on Flirt with wealthy shoppers with higher buying powerincluding Gucci’s owner Kering, who is a banker on new High-quality “salons” offering merchandise at affordable prices up to $3 million.
Luciano Santel, Chief Supply Chain and Corporate Officer at luxury retailer Moncler, on Wednesday, he told analysts that Chinese travel to Europe still represents “small contribution, but it is increasing week by week.”
Exane BNP Paribas research released just before Labor Day holiday Industry insiders said in Paris and Milan reported that Chinese consumers account for the third largest spend After the French and Americans – and sometimes second-larger in stores in Tourist areas.
As wealthy Chinese return to Europe and other foreign destinations, so does the appeal of Hainan Island, China duty— a free-shopping hotspot that seems to be dwindling among big luxury spenders.
The discussions with sales staff in Hainan revealed that 70% of This shopping for high-end goods on Tropical Island was making them first Welfare purchase.
China “higher Income, top luxury spenders (their) already go abroad again she said, leading Significantly lower per capita spending in Hainan.
Comparisons will be difficult
Luxury companies reported the beginnings of Consumer returns since February, led by Hainan, after the reopening of China’s borders and the country’s wave of The COVID-19 infection has subsided.
The sector’s biggest playersLVMH and Birkin bag maker Hermes benefited the most, as evidenced by this. in they global sales growth over the first quarterand up 17% and 23%, respectively.
But the comparisons will be overshadowed by the weak performance within mainland China last yearwhen there were sporadic COVID shutdowns that led to lower spending and major shutdowns of Shanghai in the second quarter. “This will be important year to look into how corporate performance in comparison with said Jonathan Yan, director of Shanghai-based consulting firm Roland Berger.
“Two numbers growth won’t mean much on Waters of Oliver Wyman said 2022 has been strangely depressing yearbut the year 2021 was year of abnormal growth after the initial outbreak in 2020 brought about a massive remake of Luxury spending in China.
comparisons with 2019, when it reaches 70% of luxury spending of It was the Chinese consumers made outside also accidental, with Analysts expect a return to this level of spending overseas Unlikely, even in The tallest term.
“If you speak with Luxury brands, they are kind of struggling To find out what is the baseline for comparison withWaters said.
Chinese Labor Day for five days holiday in It was early May once good an excuse for Quick European jaunt – with a side of luxury shopping on schedule of work.
but with Flights remained limited after China’s borders reopened in January, European luxury stores will need to wait longer for return of masses of The tourists who once relied on them on for growth.
This may be less important to the end result of More luxury companies than previously thought, though so are brands and investors struggling to get a handle on Chinese consumer recovery as local and overseas Shopping habits are changing after three unusual pandemic-hit years.
when it comes to upscale shopping overseasIt might be, retail industry executives and analysts say more important to consider the type of Chinese visitors to Europe instead of just Numbers.
air ticket Prices from China to Europe up to 80% more expensive By the pandemic, according to travel data company ForwardKeys, and the no of travelers over May holiday period was 64% less than in 2019.
These converge back Mostly to Europe business Travelers and the richest people who Antonio Belloni, managing director of LVMH, said it had the means to travel “a little differently”. in Interview.
Chinese visitors to places like Paris and Milan now tend to be higher spenders who Less sensitive to flight prices and more You are more likely to get visas because they can prove larger amounts in they bank said Amrita Panta, general manager of research and strategy at Agility.
Average value of transactions by Chinese travellers in Europe in March was 28% higher than 2019 levels, UBS said, citing data from value-added tax refund provider Planet.
He was the owner of Cartier Richemont, Hermes and LVMH best Developed to take advantage of affluent Chinese shoppers, UPS added.
LVMH’s Belloni said changing travel trends post-pandemic mean Chinese tour groups are likely last back if they do at all.
CEOs have been pressured by investors how stores You will deal with it with sharp rise in Traffic, but Belloni said a more Progressive return suit retailer.
“no one ready to manage complete changes in Traffic, be it stores, hotels or planes.”
In general, luxury companies focus on Flirt with wealthy shoppers with higher buying powerincluding Gucci’s owner Kering, who is a banker on new High-quality “salons” offering merchandise at affordable prices up to $3 million.
Luciano Santel, Chief Supply Chain and Corporate Officer at luxury retailer Moncler, on Wednesday, he told analysts that Chinese travel to Europe still represents “small contribution, but it is increasing week by week.”
Exane BNP Paribas research released just before Labor Day holiday Industry insiders said in Paris and Milan reported that Chinese consumers account for the third largest spend After the French and Americans – and sometimes second-larger in stores in Tourist areas.
As wealthy Chinese return to Europe and other foreign destinations, so does the appeal of Hainan Island, China duty— a free-shopping hotspot that seems to be dwindling among big luxury spenders.
The discussions with sales staff in Hainan revealed that 70% of This shopping for high-end goods on Tropical Island was making them first Welfare purchase.
China “higher Income, top luxury spenders (their) already go abroad again she said, leading Significantly lower per capita spending in Hainan.
Comparisons will be difficult
Luxury companies reported the beginnings of Consumer returns since February, led by Hainan, after the reopening of China’s borders and the country’s wave of The COVID-19 infection has subsided.
The sector’s biggest playersLVMH and Birkin bag maker Hermes benefited the most, as evidenced by this. in they global sales growth over the first quarterand up 17% and 23%, respectively.
But the comparisons will be overshadowed by the weak performance within mainland China last yearwhen there were sporadic COVID shutdowns that led to lower spending and major shutdowns of Shanghai in the second quarter. “This will be important year to look into how corporate performance in comparison with said Jonathan Yan, director of Shanghai-based consulting firm Roland Berger.
“Two numbers growth won’t mean much on Waters of Oliver Wyman said 2022 has been strangely depressing yearbut the year 2021 was year of abnormal growth after the initial outbreak in 2020 brought about a massive remake of Luxury spending in China.
comparisons with 2019, when it reaches 70% of luxury spending of It was the Chinese consumers made outside also accidental, with Analysts expect a return to this level of spending overseas Unlikely, even in The tallest term.
“If you speak with Luxury brands, they are kind of struggling To find out what is the baseline for comparison withWaters said.