The Performance Of The Luxury Goods Industry Has Plunged To A Low Level.

In recent days, retail sales in Hongkong have been sluggish and people are no longer seeking excessive luxury goods. According to the latest data, the performance of the luxury goods industry has plummeted, and its growth has dropped to a low level.

UTABrand according to the data released by global overseas travel shopping rebate company Global Blue last Friday, March

Luxury consumption for overseas tourists has declined for the first time since 2010.

This has also made March one of the worst months for the luxury goods industry.

Data from global blue union show that the consumption of Chinese luxury goods in March dropped by 24% over the same period last year. The terrorist attacks in Paris and Brussels resulted in a 35% drop in tourism consumption in the European market.

In addition, the price gap between luxury goods in China and Europe has decreased and the luxury consumption in mainland China has increased.

The global tourism consumption of luxury goods industry increased by 4% in February compared with 14% in March.

(US, Hongkong, China and Dubai three tourist consumption does not involve the tax refund system, so it is not included in the global blue Union statistics.

Including French luxury brands.

More than half of the sales of many luxury brands in specific European countries come from tourist consumption, as well as Louis Vuitton and other famous brands.

Nearly 1/3 of the world's total sales of luxury goods come from Chinese consumers.

Barclays, an analyst at Barclays Bank, said: "considering the terrorist attacks and the introduction of biometric data policy when applying for Schengen visa, there is a sharp decline in the consumption of Chinese tourists in Europe.

However, overseas consumption of Chinese tourists has declined globally, which calls for great attention.

At the beginning of this week, luxury goods giant LVMH said that the number of tourists from Russia and Asia has declined after terrorist attacks in Paris and Brussels.

Burberry, a luxury brand in the UK, said that profits may be affected in the coming year due to the depressed economic environment and the decline in tourist consumption.

"Tourism consumption in Hongkong and France continued to be weak, and LVMH's sales in the first quarter increased by 4%, lower than market expectations."

"European tourists' consumption has declined sharply, Hong Kong and Macao have continued to be weak, and sales in the second half of Burberry fiscal year 1% have fallen by 1%."

Data from the global blue Union also show that, in addition to the decline in the number of Chinese tourists, the consumption of Russian tourists fell by 22% over the same period last month, due to the decline in the ruble exchange rate and the economic downturn caused by the fall in oil prices.

UTABrand predicts that the luxury industry will be at a low ebb because of the decline in the number of tourists in the European market, the weak retail sales in Hongkong, the weakening demand in the Chinese market and the weakness in the US market.

This downturn is a phased one, and every time the global economic downturn will be right.

Industry has a huge impact.