Chinese Shoppers Prefer To Buy Watches, Cosmetics, Apparel, Shoes, Wine & Cigars In Mainland China
The Hermes store on Hong Kong's Canton Road remains a must-visit for mainland Chinese tourist-shoppers
Bucking one of the defining trends of China’s luxury market, that of mainland Chinese luxury consumers traveling abroad or to Hong Kong to stock up on high-end items, a new survey by Ipsos found that shoppers are now staying much closer to home. According to the study, Chinese respondents said they now prefer to shop in mainland China for luxury goods in five of seven possible categories: watches, cosmetics, apparel, footwear and wine and cigars. (Wine and cigars are bundled into the same category.) In last year’s survey, respondents said they only preferred to buy three categories of luxury goods at home.
Hong Kong — where mainland Chinese tourist-shoppers have flocked in recent years to stock up on luxury goods, consumer goods and electronics in order to sidestep the Mainland’s stiff luxury taxes — remains the preferred shopping destination now only for jewelry and handbags.
Jointly carried out by Ipsos and the public relations firm Ruder Finn, the survey questioned 1,135 people in mainland China with annual incomes exceeding 100,000 yuan (US$15,900). Around 70 percent of respondents were under the age of 35. Most luxury purchases made last year by respondents were intended for women, with the report noting, “More men bought luxury products for their spouses, while more women bought for themselves…In short, women receive the luxury goods.”
In terms of favorite brands, perhaps unsurprisingly (considering its massive retail footprint in China) Louis Vuitton came out on top, with 39 percent of respondents identifying the French luxury giant as their preferred brand, compared to Chanel’s 17 percent, Gucci’s seven percent, six percent for Hermes, and five percent for Dior.