Chinese Rich People Dare Not Go Shopping Crazily Because Of The Stock Market Crash.

According to Bain, a consultancy, after spending the two digit growth in the past ten years, China's spending on luxury goods contracted for the first time last year, to 18 billion US dollars, which shrank by 1%.

In addition to the market turmoil, the Chinese government's measures to devalue the renminbi and the possibility of further devaluation in the future will cast a new shadow on the luxury market.

This is one of the busiest shopping streets in Hongkong.

It meanders through the center of times square, with its beautiful logo hanging above MontBlanc (Mont Blanc), Cartire (Cartier), Gucci (Gucci) and Bobby (Burberry).

But in the lofty luxury shopping center, the crowd's noisy buzz gradually diminished, giving way to a quiet row of almost empty boutiques.

A salesperson is greeting people in front of a Chanel store in Chanel.

"Sorry, you must queue up."

As she spoke, she waved at a long queue that seemed to be imagining and queuing up for shopping.

However, no one walked into the store.

Usually, weekend shopping is usually crowded with customers.

Passed recently

After the turmoil and currency devaluation, coupled with the already slowing economy and the government's crackdown on the luxury of gift giving, luxury goods have largely ended in China's boom.

Chinese consumer spending on high-end goods accounts for 1/3 of the world, and the impact of these negative factors on Chinese shoppers at the same time shocked investors and global luxury brands.

Times Square and other luxuries in Hongkong

The quiet and quiet scene contrasts sharply with the fanatical consumption in recent years.

At that time, China's rising youth seemed to have an insatiable appetite for Chanel handbags and Hermes shawls.

David Friedman Friedman, President of Wealth-X, a luxury intelligence company, said: "it will bring a heavy blow to David."

At present, Freedman, who is stationed in New York, added: "it is the last straw to crush the camels for those luxury brands that regard Chinese consumers as the engine of revenue growth."

"Are Chinese consumers still very important for luxury brands? The answer is absolutely positive.

But are Chinese consumers still the main consumers of these brands in the coming years? The answer is No.

The root of this tension lies in the whole world.

How disproportionate the growth has depended on China.

According to the estimation of Exane securities of Paris bank, Greater China has promoted up to 25% sales and 20% sales of Prada.

The Swatch group, which owns OMEGA (Omega), Harry Winston (Harry Winston) and Balmain (Balmain), has gained as many as 35% sales from mainland China, Hongkong and Macao.

If we count the luxury goods that Chinese tourists sweep abroad, the proportion will be even higher.

Luxury goods abroad are usually cheaper than those in Beijing and Shanghai, but consumers must pay import taxes.

According to Bain, almost half of the Chinese luxury spending takes place outside China.