July, last chance for cheap luxury goods this year

16:48, July 13, 2010      

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As the euro has continued to fall, June and July might be the last "bargain-hunting season" for overseas luxury goods this year.

June to August each year is usually the summer discount season in Europe and the United States and other countries. It is also the time when a lot of white-collar workers spend thousands to buy luxury bags. Brands like Prada, Chanel and MiuMiu offer discount specials during this period.

This year, due to the appreciation of RMB and the dropping euro, many consumers of overseas luxury goods choose to go abroad during this time, creating a small peak in tourism. Many Internet procurement service agents say European luxury brands have raised prices of some products. By August, the European luxury products prices will rise and the U.S. market will follow.

Some Chanel bags in France rose as much as 30 percent on June 25. In addition, Dior has also raised prices of some products by 100 euros, while the price of some Gucci goods increased by 4 percent to 5 percent around June 10 in Europe. Hermes is also expected to raise prices in the near future.

"By the end of July to early August, the United States counters will follow, and July may be the last purchase opportunity," An Internet procurement service agent told a reporter.

In the past month, as the euro exchange rate remained low, the price gap between buying luxury in Europe and in China has widened further. Industry insiders say classic luxury goods prices go up every year, and some brands even raise prices twice a year. "We need to hurry up to seize the last opportunity in July."

By Huang Beibei, People's Daily Online


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