Foreign Media: Chinese Consumers Are Becoming More Rational, European Luxury Giants Forced to Adjust Strategies
The slowdown in China's economy, changes in consumer habits, and rising prices of luxury goods are weakening Chinese consumers' enthusiasm for high-priced luxuries.
A Chinese customer purchasing a 25,000 euro Swiss watch in Paris was repeatedly refused when trying to swipe the card, and finally succeeded in payment, which was extremely rare in the past. The store staff pointed out that the declining purchasing power of Chinese customers has led to American and Middle Eastern buyers taking their place. Now, Chinese customers tend to choose relatively affordable brands, or just browse in luxury stores, with actual purchases mostly concentrated on low-end models priced between 30,000 to 40,000 euros.
At the same time, European luxury brands face challenges from the stagnation of the Chinese market and consumers shifting towards local brands. Industry insiders said that although the growth rate of the Chinese market has slowed to about 5%, it is still attractive globally, but European brands need to adjust their strategies to cope.
Original article: www.toutiao.com/article/1843041774312583/
Statement: This article represents the personal views of the author.