China Fashion Find: We can all ice skate home; Hell has just frozen over. Kidding, yet this is a surprising China fashion news item. Is the luxury label really losing its magic touch that rapidly?
The South China Morning Post on February 5 reports that “Chinese visitors to South Korea are buying less from global luxury mainstays like Louis Vuitton and Chanel in favor of cheaper home-grown brands, as young, independent travelers make up a bigger share of tourists.” Though Chanel/Vuitton prices are lower in Seoul than they are in Beijing; Europe and Singapore still offer a cheaper luxury buying alternative. This detail contributes to the young Chinese traveler’s preferring to go loca with local when in South Korea.
As many luxury brands have already been forced to come to terms with rapidly skinnier sales across Mainland China, the Chinese customer’s increased exposure to luxury brands has made him her more “discerning” about the message these goods actually project, namely that of “exclusivity”. Different brands have different levels of luxury, according to David Brummer for IdexOnline.
As the Year of the Monkey lurks around the corner, ’tis now the Chinese season for spending! Let’s see where the growing spending power of China’s emerging middle class will head: Hermès or H&M? Hmm.