Chinese luxury tastes change

  BEIJING: Big global luxury brands from a marketing environment increasingly difficult in China, consumers are increasingly savvy about their exclusive stores.

Several industry experts told Bloomberg that buyers purchasing habits are "subject to change, which acts to enjoy luxury in the most populous nation in the world.

Figures from market research company Euro Monitor cited in the report show that luxury sales in China hit $ 14600000000 in 2011, the nation what global luxury fifth.

"Consumers in China continue to spend, but they spend differently," Uche Okonkwo, a strategist at Luxe Corp., a consulting firm, said. She added that Chinese consumers have become more aware of trends, "Luxury companies must work harder in order to sell five years ago."

These brands, which arrived early, I'm looking for first mover advantage could be more to lose, according to HSBC analyst Erwan Rambourg, who said that Vuitton, Omega, and other brands can "to show signs of fatigue due, brand suffer in their early entry into multiple markets. "

The mood was reflected by Fflur Roberts, global head of luxury goods to Euro Monitor research. The market is ready, she said, "and that consumers are becoming more demanding in what they purchase. Bling It's not just the look."

A change has been given to products less visible but often more expensive. HSBC estimated brands like Prada could benefit. The Italian fashion house uses more leather in her collections of bags rivals such as Louis Vuitton, and relies less on logos important to differentiate their products.

In response, some brands have pushed up prices and launched more exotic products, such as looking on board their image more upscale.

Examples of this tactic, the recent launches a Gucci python bag $ 4.100 and $ 9.700 Alligator Clutch Burberry.

Factors behind the changing consumer mindset include the increasing number of Chinese tourists traveling abroad to find the clothes and accessories will cost twice cheaper in European and American markets, as they do to the house.

GDP growth slowed slightly, with the latest official figures show that the economy is growing at a rate of 7.6% per year.