There are long lines of luxury goods counters, who are snapping up Chanel and LV?
Chinanews client, Beijing, February 25th (Zuo Yukun) “The ones with a zero after the cost are called famous brands; those with two zeros after the cost are called luxury goods.” Knowing its price and The actual value does not match, luxury goods still make many people “pain and happy.”
Generally speaking, the reason why luxury goods are extravagant is because they are “very rare.” But I didn’t expect that the recent luxury goods have received repeated attention because of “sales”, becoming the most “full of vitality” industry in the new year.
Someone in Beijing on weekdays There are many customers in high-end shopping malls. Photo by Zuo Yukun, China News.com
Long queues and luxury stores lined up as “vegetable markets”
Not long ago, SKP, known as “Beijing’s Most Haunted Shopping Mall,” With a sales of 17.7 billion yuan in 2020, it has won the title of “Shop King” in China for ten consecutive years. It is the first time that it has surpassed Harrods, an established British department store, and has won the title of “Shop King” globally.
In the Spring Festival of 2021, SKP has once again proved the enthusiasm of the “shop king”. On major social media, many netizens shared what they have witnessed in the crowded queue. The heads 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 must be 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 luxury stores Long queues. Screenshots from the Internet
The data released by the Hainan Provincial Department of Commerce shows that the sales of Hainan Islands Duty Free Stores exceeded 1.5 billion yuan between February 11 and 17, of which tax-free sales were about 1.4 billion yuan; Shanghai The Municipal Commission of Commerce revealed on February 17 that the sales of luxury shopping malls such as Shanghai Grand Gateway 66 during the Spring Festival increased by more than 6 times year-on-year.
Chen Meng (pseudonym) is one of the long queues. 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 shopping mall with a year-end prize full of joy. Unexpectedly, waiting for her is a long queue “more difficult than lining up Disney”.
“I went to National Finance on February 14th, and I was’crazy’ when I arrived. I visited two stores in one day, waited in front of Chanel for two hours, and then went to LV.” Chen Meng said that LV sales told her that in the morning shift alone, the store had sold more than 8 million from the opening to the afternoon.
A Chanel store in Beijing. Photo by Zuo Yukun, China News Service
In addition to luxury bags and apparel, 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.” Zhang Yongtao, Secretary-General of the China Gold Association, said, “These Compared with the Spring Festival in 2019, the company’s sales data for this year’s Spring Festival have increased by 10%-20%.”
No decline but growth instead, luxury consumption rose against the trend
“2020 , The global luxury goods market will shrink by 23%, but domestic luxury goods consumption in China will buck the trend and rise by 48%, reaching 346 billion yuan.” This is from the well-known strategy consulting firm Bain’s “China Luxury Goods Market in 2020: Unstoppable” report In the context of the plummeting global consumption, the data is particularly eye-catching.
For the long queues of luxury goods counters that have attracted attention this time, sales Li Jia (pseudonym) of SKP in Beijing said that it is not difficult to understand.
“I believe everyone can feel that this year’s Chinese New Year, all major supermarkets are full every day and there are very many people. And our luxury stores have special regulations. In order to ensure a sense of high-end service, we are required to Sales must provide one-to-one service to customers. In addition, during the epidemic, there are restrictions on the flow of people. The reception capacity of the store is limited. Naturally, there are more people waiting outside.” Li Jia explained.
“There are many wealthy people who treat 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 luxury goods There are very few stores. In cities with tens of millions of people and the surrounding crowds, 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 in the mall Store. Photo by Zuo Yukun, China News Service
However, the steadily increasing sales of luxury goods are 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 have told me that they can’t travel abroad this year, and they want to reward themselves. It’s 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 view. 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.
The popularity of luxury goods consumption? Young people are unambiguous in buying, buying and buying.
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 shopping for the first time. Once. VIP customers who are really rich do not need to line up at all.”
“VIP customers have special VIP lounges and service procedures, and generally customers with consumption records, we will also leave contact The way, we will contact you in advance when you enter the store next time, and we can bring it in directly.” Li Jia also said that most of the people in line are “Pikes”.
“But there are people queuing every day, which just proves the rapid growth of new customers in the store. We also feel that when we sell privately, we also feel that luxury is the rhythm of’universal popularization’.” Li Jia Say.
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 jewellery is higher.”
According to the fashion business media Jing Daily, the latest data shows that about 10% of the world’s luxury goods consumption comes from the “Generation Z”, while in China this proportion reaches Up 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, the sales contributed by Generation Z have exceeded 20%.
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.
“I remember to go before In Macau, I heard from the tour guide over there that, despite the fact that so many people on the street are carrying luxury goods, it is possible that the net worth of the whole family is on it.” After 1995, Chen Meng believed that it is not necessary to have money to buy luxury goods. People, there are many people around you who save money to buy a bag for months or even a year or two.
“The fun of making money is to make it serve you and make you happy. Some people choose food, some choose to travel, and some 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 often do this myself.”
But Wu Qi is a little worried about this phenomenon: “There must be many young people with luxury 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 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? (End)