Chinanews client, Beijing, February 25 (Zuo Yukun) "A brand with a zero after the cost price is called a famous brand; a brand with two zeros after the cost price is called a luxury." Knowing that its price does not match the actual value , Luxury goods still make many people "pain and happy."
Generally speaking, the reason why luxury goods are extravagant is that they are "very rare."
But I didn't expect that the recent luxury goods have received repeated attention because of their "sales", becoming the most "full of vitality" industry in the new year.
There are also many customers in a high-end shopping mall in Beijing on weekdays.
Photo by Zuo Yukun, China News Service
There are long queues to buy, and luxury stores line up as "vegetable markets"
Not long ago, SKP, known as “Beijing’s Most Trenched Shopping Mall”, has won the title of “Shop King” in China for ten consecutive years with sales of 17.7 billion yuan in 2020. It is also the first time that it surpassed Harrods, an established British department store, to become a global shop. king".
In the Spring Festival of 2021, SKP has once again proved the "shop king" enthusiasm.
On major social media, many netizens shared what they have witnessed in the crowded queue.
The person in charge of many stores in Beijing SKP, China World Trade Center, and Taikoo Li North District once told the media that the sales data for the Spring Festival holiday are still being counted, but "it is definitely a new high."
Of course, the scene of buying and buying is not limited to Beijing.
This Spring Festival holiday, luxury stores in major cities across the country line up in a row.
Netizens discuss long lines in luxury stores.
Screenshot from the network
According to data released by the Hainan Provincial Department of Commerce, Hainan’s outlying island duty-free shops had sales of over 1.5 billion yuan between February 11 and 17, of which tax-free sales were about 1.4 billion yuan; the Shanghai Municipal Commission of Commerce revealed on February 17 During the Spring Festival, the sales of luxury shopping malls such as Shanghai Grand Gateway 66 increased by more than 6 times year-on-year.
Chen Meng (a pseudonym) is a member of this long dragon.
Working in Shanghai, she chose to celebrate the new year on-site this year. In order to reward her hard work for a year, she came to the Shanghai IFC Mall with the year-end award with joy.
Unexpectedly, waiting for her is a long queue "harder than lining up Disney".
"I went to National Finance on February 14th. I was'crazy' when I arrived. I visited two stores in one day, lined up in front of Chanel for two hours, and then went to LV." Chen Meng said, LV sales told She, in the morning shift alone, sold more than 8 million in the shop from opening to the afternoon.
A Chanel store in Beijing.
Photo by Zuo Yukun, China News Service
In addition to luxury goods such as high-end bags and clothing, sales of "hard currency" such as gold and jewelry are also rising.
Wu Qi (pseudonym), a salesman of a high-end jewellery brand in Beijing's International Trade Commercial District, described herself as "busy every day."
"The peak sales period is New Year's Eve, the third day of Valentine's Day, and the sixth day of the last day of the holiday." Wu Qi recalled.
“During the Spring Festival, the sales of gold jewelry soared. Some companies in Beijing, Shanghai and other places increased by 100% year-on-year, and some companies increased by 6.5 times year-on-year.” said Zhang Yongtao, secretary-general of the China Gold Association. Compared with the Spring Festival in 2019, it has increased by 10%-20%."
Rising instead of falling, luxury consumption rose against the trend
"In 2020, the global luxury goods market will shrink by 23%, but China's domestic luxury goods consumption will buck the trend and rise by 48%, reaching 346 billion yuan." This is from the well-known strategy consulting firm Bain "China's luxury goods market in 2020: Unstoppable "The data in the report is particularly eye-catching in the context of the collapse of global consumption.
Regarding the long queues at luxury counters that have caused concern this time, sales Li Jia (pseudonym) at SKP in Beijing said that it is not difficult to understand.
"I believe everyone can feel that this year’s New Year, the major supermarkets are full every day, and there are a lot of people. And our luxury stores have special regulations. In order to ensure a sense of high-end service, we require that we sell customers one-on-one. One service, coupled with restrictions on the flow of people during the epidemic, and the limited reception capacity of the stores, naturally more people line up outside.” Li Jia explained.
"There are many rich people who use luxury goods as daily necessities, and there are many people who consume one, two or a few luxury goods a year, and the total number of people adds up. And the number of luxury goods stores is very few, several thousand. In a city with a population of 10,000 plus the surrounding people, it is normal for hundreds of thousands of people to visit luxury stores every day during the Spring Festival holiday.” Chen Meng also believes.
Luxury stores in the mall.
Photo by Zuo Yukun, China News Service
But the steadily increasing sales of luxury goods is beyond doubt.
"Since the epidemic improved last spring, business has been getting better and better. It can be said that I have never been idle." Li Jia said that the increase in purchasing power is one aspect, and the impact of the epidemic is that people cannot go shopping abroad, which is part of the luxury. Product consumption is transferred to the country.
"Recently, many customers told me that they can't go out for travel this year, and they want to reward themselves. It would be nice to buy a bag with the money originally intended for playing." Li Jia said.
"In 2020, Chinese consumers accounted for more than one-third of global luxury goods consumption." Bain's report also confirmed Li Jia's views.
The report shows that due to the outbreak and recurrence of overseas epidemics, outbound travel has been blocked, and Chinese consumers' demand for luxury goods has begun to shift domestically.
Popularity of luxury consumption? Young people buy, buy, buy, unambiguous
In the discussion about the surge in luxury goods consumption, some netizens put forward this view: "The people who need to line up are mostly ordinary people who are shopping for the first time. They are rare to buy once. Really rich VIP customers do not need to line up at all. ."
"VIP customers have a dedicated VIP lounge and service process. Generally, customers who have consumption records will also leave their contact information. We can contact them in advance when we enter the store next time, and we can bring them in directly." Li Jia also said, Most of the people in line are "Puke".
"But there are people queuing every day, which just proves the rapid growth of new customers in the store. When we sell privately, we will also feel that this is the rhythm of'universal popularization' of luxury goods." Li Jia said.
Wu Qi also said that during the Spring Festival this year, she saw a lot of young new customers to spend.
"Especially around Valentine's Day, many young couples come to the store to buy accessories. There are also men who come alone and joked with me that there are many kinds of bags, and the girlfriends I choose always look down on them. Buying necklaces is not easy to make mistakes. Even if the price of jewelry is higher."
According to a report by the fashion business media Jing Daily, the latest data show that about 10% of global luxury goods consumption comes from the "Generation Z", while in China this proportion has reached 15%.
The article also pointed out that the report data is the average value of all visible luxury brands on the market. For some brands, generation Z has contributed more than 20% of sales.
Generation Z refers to people born in the mid-to-late 1990s and early 2000s, which are about the "post-95s" and "post-00s" we often call.
Data map: Consumers shop at the duty-free shops in the cdf Haikou city.
Photo by Wang Ziqian
"I remember going to Macau before and listening to the tour guide over there. Don't look at so many people on the street carrying luxury goods, but maybe the net worth of the whole family is on it." After 1995, Chen Meng thought that buying luxury goods It is not necessarily a rich person. There are many people around you who save money for a few months or even a year or two to buy a bag.
"The fun of making money is to make it serve you and make you happy. Some people choose food, some people choose to travel, and some people choose to buy a bag, just be happy." Chen Meng said.
Another post-95 luxury consumer in Beijing told Chinanews.com that he still needs to carry a good bag on many occasions at work.
"Although everyone knows that strength is the most important thing, when customers see you, they will judge your worth and strength based on your appearance at first glance, because I myself often do this."
But Wu Qi is a little worried about this phenomenon: "There must be many young people with luxury goods consumption ability, but I can often see many young people using flowers, credit cards and other overdraft methods to spend in the store. I am also a mother. If my child does this in the future, I will definitely not support it."
Are you willing to "spend big money" for luxury goods?
How do you view this phenomenon of rejuvenation of luxury goods consumption?
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