LUXURY BRANDS EYE LOCAL TO COPE WITH ENVIRONMENT CHANGE
LUXURY BRANDS EYE LOCAL TO COPE WITH ENVIRONMENT CHANGE
Local premium fashion brands boutiques have begun targeting local shoppers amid changes in the financial environment, local media has reported.
The value of the Chinese yuan has deflated over the past few months, in stark contrast to the last fifteen years, and is now trading at similar amounts to the local currency.
Previously, mainland Chinese shoppers were frequently enjoying a saving of 20% when purchasing items from these brands in Macau due to exchange rates and taxes.
Fewer mainland tourists were shopping in Macau in September when compared with in August, according to a report by local media Macao Daily News. It cited an unnamed sales assistant as saying that the deflation of the yuan is having an impact on sales. Many mainland tourists who do not urgently need new clothing items have decided to defer such purchases. It was also reported that after the deflation of the yuan, prices for such goods in mainland China and in Macau are almost the same, further hurting mainland shoppers’ desire to shop in Macau.
To cope with this situation, it was reported that some brands have started targeting local shoppers, who in the past 15 years were not the preferred market segment. AL
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