China’s luxury goods market might still be going strong, despite a dip in the country’s growth. But previously popular brands like Burberry are losing traction, tells retail analyst Paul French in the Huffington Post. But there is still hope.
The Huffington Post:
Paul French, chief China strategist at Mintel, told the Huffington Post UK Louis Vuitton was also hurting from losing popularity in China, as fickle consumers choose Italian brands such as Gucci and Prada instead.
“It is worth remembering the global clout of the Chinese shopper is massive now, so if they turn away from Burberry that will mean less sales in places where they travel to spend and avoid high domestic taxes at home, such as London, Paris, Hong Kong, Singapore, Melbourne, and Tokyo,” he explained.
“China’s luxury goods market is competitive, highly competitive and a crowded space. Sadly fashion is rather unpredictable – Burberry got it wrong for the Chinese market this year and now they’re blaming the consumer – a sort of fashionista’s version on the politician’s old adage of ‘let’s dissolve the people and elect a new one that likes what we’re saying’.”
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