Looking At China's Luxury Market From Milan Fashion Week

Last week's opening

2015 spring and summer fashion week, distinguished guests from China came together, but no clothes or bags were stolen.

There is no coincidence.

In September 22nd, the British Guardian quoted the Scottish whisky Association (SWA) report that sales of mixed and malt whisky fell from 2 billion pounds in the first half of last year to 1 billion 770 million pounds in the same period this year, the worst half year performance in 15 years.

Whisky is regarded as a symbol of wealth and status of the new rich in China, but sales in the first half of this year fell from 25 million to 15 million, down 35%.

To make matters worse, some of the whisky in the Chinese market came from Singapore's entrepot trade, but in the first half of this year, the import of whisky in Singapore also dropped by 46%.

The Scotch Whisky Association believes that China's anti-corruption actions, the appreciation of the pound and the economic slowdown in Asia and the Americas have led to a decline in performance.

On the Milan flyover, there was a real anxiety on the clothes and shadows.

Once known as "buying 1/3 of the world's luxury goods and fashion apparel," Chinese consumers now call western consumer brands "not hurt."

Flaunting consumption has been suppressed, and young consumers have been labeled as the "mother class" brand. Recently, Gucci (Gucci) and Louis Weedon (Louis Vuitton) have also declined significantly.

Including Louis Hin (LVMH) and Gucci's brand owners, Kai Yun group and even the "devil's advocate", Prada (Prada) has been disappointing in their earnings reports. They even attributed it to China.

Weak market: after the 30% increase in 2011, the growth rate of China's market has slipped to 2%.

"China (market) is everyone's dream, but winning it is more difficult than imagined."

HSBC analyst Ivan Langborg said.

He is also the author of the new book "luxury Dynasty: why China's luxury war is just beginning".

Chinese consumers

Ideas and main forces are changing.

Berg stressed that quality is more important than brand and design.

"They are not only younger, but also have higher requirements. They also know fashion very well."

Even if more and more Chinese travel abroad, they will be more smart and choose different shopping places.

In 2012, the number of tax rebates applied by Chinese tourists in Europe increased by 57%, while last year, the tax rebate application from Chinese tourists increased by only 18%.

There are also beneficiaries of the shift in China's consumer attitudes, such as Burberry.

According to Randberg, "in a pile of French and Italy brands, it is the only global brand in the UK, and it gives off the rock and roll of English."