Chinese tourists favor the U.S. and Australia to the detriment of Europe

Safety has become a priority issue for Chinese tourists this year, putting traveling to hot spots in Europe and other parts of the world on hold. Terrorist attacks have caused major waves of tour cancellations, but a series of recent incidents have compounded problems even further. With interest in Paris already dwindling, Chinese locals there protested in the streets last week after a Chinese tailor died of injuries from being mugged. This followed a scare last month, when a group of 27 Chinese tourists on an airport bus were tear [...]

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The future of luxury retail lies in e-commerce

“Over-extending the retailer network is indeed a problem,” says Luca Solca, managing director, luxury goods at Exane BNP Paribas said in his speech at the recent edition of  deLux16 conference in Sydney, Australia. ”And I don’t think this is just a cyclical issue, but rather a structural issue. The fact is, middle class consumers only have so much to spend on luxury goods and their wardrobes are full. The Chinese are still driving growth, but they are driving it as a far more moderate pace.” “The companies that have increased their retail [...]

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Indonesia becomes Asia’s largest online luxury goods sales market

Amid difficult economic conditions, luxury goods sales online in Indonesia have grown by 84 percent, becoming Asia’s largest online luxury goods sales growth, according to the 2016 Asia Luxury Index. The index is based on the sales data of Reebonz, a Singapore-based e-commerce platform for luxury products and industry report for 2014-2015. Reebonz Indonesia executive manager Anggono Wijaya said that social media and digital marketing and collaborations with influencers and young designers were among the main reasons behind the increase of sales. “At first we focused in building the company itself, but [...]

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Emerging markets present the highest growth potential in the global luxury market

Due to the resiliency of developed economies, the global market for luxury goods is expected to be valued at $374.85 billion by 2020, according to a report from Transparency Market Research. Up from $296.15 billion in 2013, the luxury goods market has seen a 3.4 percent CAGR between 2014 and 2020. Luxury’s optimistic and healthy growth is attributed to an increase in ultra-high-net-worth individuals, volatile established markets and increasing GDP in developing regions such as China, India and others. Developing regions are fueling the growth of the luxury goods market. [...]

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Taiwan’s luxury market sees decline in Chinese travelers

Once a key luxury shopping destination for Chinese travelers, Taiwan is now seeing a mainland visitor slump that shows just how abruptly politics can alter the Chinese tourism market in Asia. After Taiwan’s newly elected president Tsai Ing-wen entered office in May, mainland Chinese tourist numbers dropped 15 percent from May 20 to July 26, according to Taiwan’s National Immigration Agency (NIA). While mainland China’s Taiwan Affairs Office contends that this slump is due to “market demand” and not political reasons, it came as China suspended diplomatic relations with Taiwan because [...]

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