“I am now offering people shorter haircuts. It’s so they will last longer,” the stylist told Chadha, author of The Cult of the Luxury Brand: Inside Asia’s Love Affair with Luxury.
The question of whether the Asian market for branded handbags, watches, jewellery and fashion will be snipped or scalped by the global economic slowdown is dominating retailers’ minds.
Over the past five years, Asia has provided extremely strong profits for luxury names such as Louis Vuitton, Gucci and Rolex, Chadha said.
“Asia has been very helpful...in keeping the luxury industry boasting a decent rate of growth,” she said.
High streets are packed with heavily designed ‘brand experience’ stores, even in second and third tier Chinese cities, highlighting the crucial role the country plays in the luxury companies’ growth strategy.
But there are creeping signs that the region’s tumbling stock markets could stifle the previously insatiable appetite for the correct brand name.
Japan’s retail sector has been in the doldrums for a while. Sales at department stores dropped 3.1 per cent in August from the same month a year earlier, the sixth consecutive monthly decline, the Japan Department Stores Association said.
Staff at one of Singapore’s prime shopping districts said sales of luxury goods had slipped in recent days because of fewer tourists. Customers are buying less and some just browse, they said.
The number of visitors to the city state fell 7.7 per cent in August compared to a year earlier.
‘We are located in a tourist area and there are fewer tourists now,’ said one sales staff in a store selling Prada handbags.
A Japanese tourist coming out of a nearby Gucci store said she had planned to spend 3,000 Singapore dollars ($2,397 Cdn) on branded goods, but recent events had cut her budget.
‘It makes me feel guilty to spend more because of the economic crisis,’ she said.
Chadha, who is based in Hong Kong, said such behaviour is not unusual.
“There is a lot of spending which needs that feel-good factor,” she said. “When things are going really well, that is when a lot of people go and spend. People are not going to splurge on a bag if they have lost money during the day.”
Despite the negative signs, some top-end brands believe it is too early to tell if the global slowdown has stopped people from buying.
“So far there has been no effect in regards to traffic or a decline in sales compared to last year,” a spokesman for the jewellery brand Cartier said. “The effects of the economic slowdown on the luxury goods sector in Asia remains to be seen. Christmas will be a better indicator in regards to whether the industry will be affected.”
Swiss luxury goods giant Richemont recently said the company enjoyed sales growth of 19 per cent in the region during the five months to the end of August, although Japan dropped eight per cent.
And the outlets, many long-planned, keep coming.
The Emporio shopping centre in New Delhi was given the go-ahead two years ago and became one of the country’s first dedicated luxury malls when it opened recently, Chadha said.
“Staff there were very positive,” said Chadha. Only around half of the stores were filled, Chadha added, although such a situation is not unusual for a new mall.
Asianpacificpost.com About Us | Contact Us | Advertise | Downloads
© Copyright Asianpacificpost.com 1997-2009 Terms & Conditions | Privacy Code
tiffany4u
tiffany bangle tiffany bracelet tiffany rings tiffany cuff links tiffany key rings tiffany money clips ...Tiffany jewellry hot sale now with discount. we provides the best tiffany earrings/a>,tiffany rings, including Necklaces, Bracelets, Earrings, tiffany on sale and ...
The bean represents the origin of all things. Continuous necklace in sterling silver. 16" long. Original designs copyrighted by Elsa Peretti.
These lovely necklaces and this E. Peretti necklace are throwing off their regal brilliance for amazing diamonds. Tiffany & Co guarantee that all of them have absolutely excellent quality and 925 silver jewelry.
a
Offerslouis vuitton
brands watches
herve leger dress
prada handbags
Prada handbagsand accessories from the Fall-Winter 2009/10 Collection.
Louis Vuitton Monogram Damier
Louis Vuitton Monogram Damier Leather Tote M95097 Stripeskhaki 172.00
Balenciaga Genuine Leather Midday Bag 7746 158.40
Balenciaga Genuine Leather Horsehair Leather Handbags 084385 175.20
Balenciaga Lambskin Leather Hook Bag 7732 148.00
Louis Vuitton Monogram Canvas Globe Shopper Cabas Pm M95116 Off- 149.60
Louis Vuitton Monogram Canvas Globe Shopper Cabas Pm M95116 Gray 149.60
Balenciaga Lambskin Leather Hook Bag 820 148.00
Balenciaga Lambskin Leather Medium Bonson Bag 8389 White 148.00
bvlgari watches
Braly is BVLGARI Watches set to BVLGARI Watches appear BVLGARI Watch Wednesday BVLGARI Watch before BVLGARI a subcommittee BVLGARI of the CHANEL Watches panel CHANEL Watches Waxman CHANEL Watch chairs CHANEL Watch. The CHANEL company CHANEL needs to FRANCK MULLER Watch prove FRANCK MULLER Watch that FRANCK MULLER Watches the additional FRANCK MULLER Watches premium FRANCK MULLER revenues, FRANCK MULLER which, HUBLOT in some HUBLOT cases, are HUBLOT Watch set to HUBLOT Watch increase HUBLOT Watches at a far HUBLOT Watches larger IWC rate than IWC average IWC Watch medical IWC Watch costs, are IWC Watches necessary IWC Watches, Waxman LONGINES said. We've LONGINES heard LONGINES Watch that LONGINES Watch claim, he LONGINES Watches said LONGINES Watches.
jiangfan
WellPoint breitling watches agreed to breitling watches to a omega watches complicated omega watches formula rolex watches limiting the rolex watches amount.
watch
The executive mansion was torched by British troops in 1814, during the War of 1812. omega watchThe structural damage caused by the fire was repaired but the exterior sandstone walls were still black with fire damage. replica omega watchesThe walls were then painted white, giving birth to the nick name "The White House". An act of Congress made this the official name in 1902.
replicas watches
We offer a selection of the highest quality replica watches available today. replicas watches Genuine watches of these replicas are very expensive and the choice of the rich, replicas watches famous and collectors around the world.
Write comment