Financial news
Written by: Lin Leqian
2020-02-27 20:43
Last updated: 2020-02-27 20:44Under the influence of social events and the new crown pneumonia epidemic, the local luxury market has suffered setbacks, and there are reports that consumer confidence has weakened. The Rhodes Public Relations and Precise Market Research Center published the "China Luxury Products Report 2020" shows that during the survey last December, 20% of Hong Kong consumers and 10% of mainland consumers said they would reduce luxury consumption in the coming year. 32% of Hong Kong consumers and 44% said they would increase consumption of luxury goods.
After the outbreak of the new crown pneumonia, the organization visited another 200 consumers last week, and Hong Kong people who intend to reduce consumption rose from 20% to 36%, and those planning to increase spending fell from 32% to 21%, reflecting a further weakening of consumer confidence. However, mainland consumers are less affected by the epidemic. Two adults believe that the epidemic affects their consumption, and 42% believe it has no impact.
Gao Ming, senior vice president of Rhodes Communications Group and managing director of the Greater China luxury goods business, believes that due to factors such as China's economic slowdown and international trade frictions, consumers in China and Hong Kong have weakened their confidence in luxury goods consumption this year. Coupled with the outbreak of the epidemic, this year's luxury market is full of challenges, and growth is expected to slow.
After the outbreak of new crown pneumonia, Hong Kong people who intend to reduce consumption rose from 20% to 36%, while those planning to increase spending fell from 32% to 21%. (Profile picture)
Hong Kong's average annual luxury consumption is 167,000 yuan
The report shows that in the past year, the average annual consumption of luxury goods by Hong Kong consumers was about 167,000 yuan, and that of mainland consumers was 330,000 yuan. Ten thousand yuan reflects the strong purchasing power of low-tier cities, which will become the growth engine for the future development of the mainland luxury market.
Gao Ming believes that under the weak market conditions, retailers must strengthen customer relationships to reach consumers, while Hong Kong people are more accustomed to shopping in physical stores, and brands need to adjust their store network and increase online sales channels. He also pointed out that the third-tier cities in the mainland have potential for development. The report reflects that the locals ’influence on celebrities and KOLs is more affected than in other regions. Marketing in this regard should be strengthened, and cooperation between brands should also increase synergy.
For the first time, Japan has replaced Hong Kong as the destination of choice for mainlanders in the past 12 months. Hong Kong has fallen to fifth place in the tourism orientation of the next 12 months. (Profile picture)
Japan replaces Hong Kong as Mainland China's top tourist destination
In terms of tourism, for the first time, Japan has replaced Hong Kong as the destination of choice for mainlanders in the past 12 months. In the next 12 months, Hong Kong has fallen to fifth place, ranking behind Japan, France, the United States and the United Kingdom. As for Hong Kong consumers, the mainland has been ranked second in the past 12 months, and its orientation in the coming December will fall to seven.
In December last year, the organization surveyed 2,100 consumers from Mainland China and Hong Kong, covering Hong Kong and the Mainland's first, second and third tier regions; of which 1,599 were from Mainland China and 501 were from Hong Kong. The average annual household income of mainland respondents was 135.8 Ten thousand yuan, compared with 997,000 yuan in Hong Kong. The agency interviewed 200 consumers last week to inquire about the impact of new coronary pneumonia on consumption.
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