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在线翻译:
szdaily -> Business -> 
Global luxury brands banking on Chinese market
    2020-10-01  08:53    Shenzhen Daily

ON the southern island of Hainan, a duty-free shopping paradise, tourists keen to splurge will often patiently line up for an hour or more to enter a Gucci, Tiffany or other luxury brand store.

“I’m mentally working on a shopping list,” said Zeng Rong, 34, a Beijing-based auditor who is looking forward to her upcoming Hainan trip. “I’d like to buy a Bottega Veneta bag as well as a coat and a down jacket from Moncler before the weather gets cold.”

With the coronavirus pandemic having sent most of the world’s luxury spending into a tailspin and China the only major economy expected to show growth this year, high-end brands now depend more than ever on Chinese consumers like Zeng for sales.

Their spending largesse, which extends across China’s biggest cities, is spurring luxury brands to double down on the Chinese market — embracing e-commerce and pushing ahead with store openings whereas in most other countries such plans have been postponed or scaled down.

Lavish events are also back. Louis Vuitton menswear designer Virgil Abloh held a Spring/Summer fashion show before a live audience in Shanghai last month. Prada hosted private viewings of its new collection last week in Shanghai.

Driven by well-heeled consumers forsaking their usual overseas trips as well as pent-up demand that built during lockdown, spending in China on luxury goods has surged.

Prada has said the group’s China sales jumped 60 percent in June and 66 percent in July, while LVMH noted that in some weeks since March when the country came out of lockdown, Louis Vuitton and Dior have seen China sales more than double.

As luxury spending in China reaches new heights for some brands, the Chinese are set to account for around half of all global spending on high-end brands in 2020, up from 37 percent last year, according to McKinsey & Company.

That said, industry executives say it will not be enough to make up for the near absence of Chinese tourists abroad, who have been responsible for two-thirds of Chinese luxury spending. Total global luxury spending is expected to plunge as much as 35 percent from last year’s US$300 billion, according to consultancy Bain.

China is, however, the place to be. Store numbers for top luxury brands in the country rose 4 percent in the first half of 2020, while those for cosmetics brands jumped 8 percent, according to a report by property consultancy Savills.(SD-Agencies)

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