Zhou further explained that the compound annual growth rate for sales of luxury cosmetics has been negative for five consecutive years in the Chinese market, a consequence in part of Chinese consumers being less loyal to particular brands.
China's largest fashion and lifestyle publisher, Trends Media Group, recently released a report on fashion consumption and industry developments, using an annual survey conducted in 20 Chinese cities as its data source.
It suggested that between 30 and 40 percent of Chinese consumers exhibit loyalty to brands in the five main categories of luxury goods — clothing, automobiles, jewelry, watches, and cosmetics and perfume.
Zhou said Chinese consumers tend to choose brands that are sold at a discount, a predilection that is especially common among ordinary consumers.
"Meanwhile, luxury brands have been making price adjustments more often ever since last year, which is quite irregular," she said. "In the long term, brands will lose consumers."
Feedback
RSS
