And luxury brands are on point. On the occasion of the Chinese New Year this Sunday, which is according to the Chinese calendar "Year of the Rabbit"Submitted "barbaric" A collection centered around the bunny, as created "Dior" And"Chopard" Special hours for the occasion.
Before the pandemic, Chinese customers represented "One-third of the world’s luxury goods purchases, and two-thirds of those purchases were made outside China" According to the director of the luxury products department at "Ban & Company" Joel Montgolfier, in a report by Agence France-Presse. The value of the sector at that time amounted to $ 281 billion.
In 2021, the year in which the sector recovered, achieving sales greater than those recorded before the pandemic, "The Chinese bought (luxury products), but only in China" According to Montgolfier that added it "In the year 2022, things have been further complicated by unexpected lockdowns in the country". However, this did not prevent global sales in the sector from growing by 22 percent "Without the Chinese".
For his part, Erwan Rampur, an analyst specializing in the sector, said that this growth benefited from a very strong presence of American, Japanese, South Korean, and Southeast Asian customers."An even greater discovery of European customers who have been ignored for decades (..) have shown more interest than expected in luxury products".
With the abolition of travel restrictions in China "There will be a big return of Chinese tourists, but it will be more prominent in the second quarter of the year" As the director in Florence Arnaud Kadar explained "The pandemic is still very present in China and affects many".
Rampur confirmed that "The Chinese will start returning from April". And that’s a good thing since it is "An opportunity to win back Chinese customers, and we must not miss it" Kadar also added, noting that "The sector needs this push".
The flow of tourists from the United States and the Middle East may decrease due to the change in the exchange rate of the euro relative to the dollar.
As for European customers, their demand may decrease due to the economic situation and social movements, as explained by the professionals in the sector.
Arnaud Kadar said "European stores need the return of Chinese customers to compensate for the absence of Americans, whose consumption may increase locally".
It will be on luxury brands in Europe Re-adjusting to these returning Chinese customers who travel in groups, who will be added to more American and local customers than before the pandemic.
Montgolfier confirmed "Currently, queues are forming in front of the shops before the Chinese arrive… We will need more staff". Otherwise, there will be danger "The deterioration of the luxury shopping experience" in stores.
explained "The other small problem is that at this point we don’t know how to predict" The quantities of goods that Chinese customers will want to buy.
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According to RBC Bank estimates, “the cancellation of health measures in China It is one of the main major issues for the luxury goods sector in the year 2023.” The bank increased its growth forecast in this sector to reach 11 percent in 2023, compared to 7 percent previously.
And luxury brands are on point. On the occasion of the Chinese New Year this Sunday, which according to the Chinese calendar is considered the “Year of the Rabbit”, “Burberry” presented a collection centered around the rabbit, while creating “DiorAnd “Chopard” special watches for the occasion.
Before the pandemic, Chinese customers accounted for “one-third of luxury purchases in the world, and two-thirds of these purchases were made outside China,” according to the director of luxury products at “Ban & CompanyJoel Montgolfier, in a report by Agence France-Presse. The value of the sector at that time was $ 281 billion.
In 2021, the year in which the sector recovered, achieving sales greater than those recorded before the pandemic, “the Chinese bought (luxury products), but only in China,” according to Mongolfier, who added that “in the year 2022, the matter was more complicated due to unexpected closures in the country.” However, this did not prevent global sales in the sector from growing by 22 percent, “excluding the Chinese.”
For his part, Erwan Rampur, an analyst specializing in the sector, said that this growth benefited from a very strong presence of American, Japanese, South Korean and Southeast Asian customers, and “a greater discovery of European customers who have been ignored for decades (…) as they showed more interest than expected in luxury products.” “.
With the abolition of travel restrictions in China, “there will be a great return of Chinese tourists, but it will be more prominent in the second quarter of the year,” said the director in Florence, Arno Kadar, explaining, “The pandemic is still very present in China and affects many.”
“The Chinese will start returning from April,” Rampur stressed. This is a good thing, as it is “an opportunity to win back Chinese customers, and we should not miss it,” Kadar added, noting that “the sector needs this push.”
The flow of tourists from the United States and the Middle East may decrease due to the change in the exchange rate of the euro relative to the dollar.
As for European customers, their demand may decrease due to the economic situation and social movements, as explained by the professionals in the sector.
“European stores need the return of Chinese customers to compensate for the absence of Americans, whose consumption may increase locally,” said Arnaud Kadar.
It will be on luxury brands in Europe Re-adjusting to these returning Chinese customers who travel in groups, who will be added to more American and local customers than before the pandemic.
“Currently, queues are forming in front of shops before the arrival of the Chinese… We will need more staff,” Montgolfier said. Otherwise, there will be a risk of “deteriorating luxury shopping experience” in stores.
“The other small problem is that at this point we don’t know how to predict” the quantities of goods that Chinese customers will want to buy, she said.
