It has become a recent trend for affluent Chinese to travel overseas more often. Now the luxury goods market has to keep its fashion offerings up to date, according to Andy Hou, general manager of Chanel Limited Hong Kong and Macau.
Hou conducted a seminar titled “Will the luxury goods industry thrive again?” as part of the third France Macau Business Association’s (FMBA) monthly meeting, which was held at the Sofitel Hotel this week.
“What we can do as a brand is to equip our staff and have the best of services, and personalization will be the key,” commented Hou on the sidelines of the seminar.
The speaker emphasized that Macau is a remarkable cultural destination, however, the city still has to learn how to “infuse this culture” into the luxury brand offerings
Meanwhile, Hou admitted that Hong Kong and Macau retail trends are likely to continue to deteriorate due to weak visitor arrivals.
He mentioned that depreciating currencies in different countries have enticed affluent Chinese customers to travel to other destinations, adding that the changes in China’s consumption taxes could further decrease Hong Kong’s pricing advantage over China.
Raising the brand Chanel as an example, the expert said that the Chinese are its main consumers worldwide, accounting for 35 percent of sales. However, only 8 percent of such clients purchase the products in China due to the country’s price discrepancy.
(Source: Macau Daily Times )