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Wealthy Chinese consumers fly to fashionable cities such as New York and Paris for shopping, supporting luxury sales. But as the devaluation of the yuan weakens overseas purchasing power, these people are more and more inclined to stay at home.
Hong Kong is another big destination for scavenging, but its appeal has also diminished as local protests sometimes turn violent.
But the results of the third quarter show that although China's economic growth slows to the lowest level in 30 years, shoppers still have no weakness in luxury goods, but they spend more at home or online, and they save more money on air tickets, hotels and other holiday spending without going abroad.
Although China and the United States are still locked in a trade war, several major luxury brands in the United States and Europe have announced strong demand for their products in the Chinese market.
Lisa, a 20-year-old financial worker, is one of the Chinese consumers who are increasingly turning their attention away from foreign stores.
"I don't think the difference between domestic and foreign prices is that big, so now if I want to buy something, I usually go directly to the store," she told Reuters outside her Hermes store in Shanghai.
Hermes (HRMS. PA) products include leather products, printed silk scarves and platinum bags priced at more than $10000. The company said sales at its stores in mainland China were outstanding, leading to a 19% increase in sales across the region.
Hermes, France's 26th boutique in China, opened in Xiamen in July and continues to build hermes.cn, a Chinese e-commerce website launched a year ago. At the same time, Italy's moncler is also studying to expand the size of stores in big cities such as Beijing and Shanghai.
"The economy as a whole is slowing down, and so is wage growth. So consumers who used to shop while traveling will now choose to spend at home, "said iris Pang, Greater China economist at ING Bank.
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