An end to China’s travel curbs this month is expected to revive demand in the global luxury retail market, which has been starved of mainland visitors for three years, but many consumers now see more reasons to do their high-end shopping locally | Reuters
“When I would go to Paris, I couldn’t ask the Paris sales people to keep a bag for me, but now here we can,” she said.
“It won’t go back to 70 percent,” said Jonathan Yan, a principal at consultancy Roland Berger in Shanghai. “I’m sure there will still be a portion of luxury spending happening in other countries, because it’s natural people like to shop when we travel, but it will be more like 50-50.” Research conducted by Hong Kong-based consultancy Oliver Wyman showed 70 percent of China’s luxury consumers used sales assistants to facilitate purchases while 40 percent communicate with sales staff at least once per week.Oliver Wyman’s Kenneth Chow says that half of Chinese consumers who bought luxury in 2021 were doing so for the first time.
Hainan’s popularity is expected to continue, Roland Berger’s Yan says, as only 13 percent of Chinese citizens have a passport, making a tax-free domestic destination enormously attractive. Luca Solca, senior research analyst at Bernstein, said brands will continue working to narrow cross-border price differences, though efforts are further complicated by currency depreciation against the dollar.
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