综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

Global EditionASIA 中文雙語(yǔ)Fran?ais
Business
Home / Business / Industries

Big-name luxury brands lower prices as tariffs drop

By Ren Xiaojin | China Daily | Updated: 2018-07-20 11:00
Share
Share - WeChat
Handbags are on display at a Louis Vuitton boutique in Wuhan, Central China's Hubei province, June 6, 2018. [Photo/IC]

Sellers in China selling big-name luxury brands have cut their sales prices in response to reduced import tariffs, although the benefit for consumers has remained limited so far, according to experts.

Since the country implemented the tariff cut on 1,449 imported goods on July 1, many luxury brands have adjusted their prices accordingly. After Louis Vuitton became the first brand to alter its prices, many others followed suit, including Gucci, Hermes and Cartier.

According to the Customs Tariff Commission of the State Council, the average tariff on imported clothing was lowered from 15.9 percent to 7.1 percent. However, as tariffs only make up a small part of products' overall cost, the price cut remains relatively small, ranging between 3 to 5 percent.

Zhou Ting, head of Yaok Research Institute, which observes and studies the luxury industry, said the adjusted tariffs will not have a significant effect on prices. "Tariffs have a relatively small impact on the final retail price, so luxury brands will only lower their prices a little bit according to the tariff," she said.

For example, the price of a Louis Vuitton Neverfull handbag has dropped to 9,900 yuan ($1,468) from 10,400 yuan previously, down by 4 percent.

"Do I look like I'm short of the 500 yuan? I'm short of the remaining 9,900 yuan," joked Chen Xinyi, a 27-year-old office worker. She said the price cut was too small and would not have any obvious effect on her decision on whether to buy a luxury handbag or not.

However, the price cut is likely to shake the daigou community, who buy products abroad and sell them to domestic buyers, including products ranging from handbags to milk powder and medicines, Zhou said.

With prices in China edging closer to those in other countries, the daigou industry will struggle to survive, said Zeng Mingyue, researcher at the luxury products research center at the University of International Business and Economics in Beijing.

"The Chinese purchasing power for luxury products has been noticed around the world, so brands need to think how to better approach potential Chinese consumers and make it easier for them to shop, with measures including price adjustments," Zeng said.

Although the price cut might not have a significant impact on consumers in the Chinese mainland, it could threaten the luxury retail business in Hong Kong, which mainlanders often regard as a duty-free shopping paradise.

According to a report by the South China Morning Post, visitors from the Chinese mainland made up one-third of total travelers to Hong Kong, playing a large role in helping the local retail industry.

Hong Xueyu, an analyst from Guotai Junan Securities Co Ltd, said although prices have only dropped a little, with other brands following suit Hong Kong will become less attractive for mainland consumers, especially with the yuan dropping.

Office worker Chen said: "I don't usually buy from Hong Kong anyway, there are too many fake daigou claiming to buy from Hong Kong but selling fake products manufactured in Guangzhou. It is really hard to tell and the prices they ask are not worth the risk."

According to global consulting firm Bain & Co, luxury products' growth rate in the Chinese mainland is outpacing other regions around the world, with average growth reaching 20 percent year-on-year. The figure is likely to remain at 10 percent in 2018, according to Bain & Co.

First quarter financial reports from major luxury brands LVMH group and Kering SA both stated that China has become their main driver of revenue.

Top
BACK TO THE TOP
English
Copyright 1994 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
新巴尔虎左旗| 汉寿县| 玉树县| 湘西| 湘阴县| 雅安市| 礼泉县| 子长县| 彩票| 遵义市| 湘阴县| 宁安市| 黑山县| 南皮县| 六盘水市| 耿马| 中牟县| 建德市| 曲松县| 枞阳县| 六盘水市| 潞城市| 临安市| 光泽县| 横山县| 柳林县| 防城港市| 西畴县| 平南县| 开阳县| 开江县| 绥阳县| 耒阳市| 大安市| 九龙坡区| 宜都市| 湟中县| 上饶县| 邮箱| 葫芦岛市| 探索|