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Luxury products sales slows in China

(People's Daily Online)

09:16, August 17, 2012

(File photo)

Outside the fierce sports fields of the London Olympics, various merchants of England were holding an "invisible Olympics" of trying their best to attract Chinese tourists. However, since the beginning of 2012, the expansion paces of many luxurious brands and the orders of many e-commerce websites have been "slowing down." It seems that Chinese purchasers are cutting down their luxurious product purchasing plans.

According to data published by the National Bureau of Statistics of China on Aug. 9, China's total social commodity retail sales volume of July 2012 was a little more than 1.63 trillion yuan, up about 13.1 percent compared to that of same month of 2011 and the percentage had decreased by 0.6 percentage points compared to that of June of 2012 (13.7 percent). The total social commodity retail sales volume of the first seven months of 2012 was a little more than 11.45 trillion yuan, up 14.2 percent compared to that of the same period of 2011.

In the retail of the enterprises (units) above the standard, the consumption of gold, silver and jewelry had increased by 14 percent compared to that of July of 2011. Although it was obviously higher than that on crude oil and crude oil products (11.3 percent) and that on the automobile (4.7 percent), it had clearly decreased compared to the high percentage two years ago (50 percent).

In fact, before the consumption data was published, some luxurious product websites had already felt "the coolness of the summer." As a well-known luxurious product websites of China, has maintain an average per customer transaction of more than 2,000 yuan and an average quarterly growth rate of 200 percent since it was established.

The website's public relations manager Wu Qiong said, "In 2012, the whole luxurious product industry could clearly feel the slowdown of the luxurious consumption. Some e-commerce Websites have experienced sharply reductions of their businesses and even are becoming bankrupt. We believe that our company's sales volume of 2012 will be definitely lower than that of 2010 or 2011."

Luxurious brands are also slowing down their expansion paces or shrinking their markets in China.

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