China: luxury online sales slowdown
E-commerce sales of luxury products in China declined by 1% in the first nine months of 2022, as compared to the same period of last year, after a slowdown in the second and third quarters
According to the NPD Group, the Chinese luxury e-market, which includes items sold in the footwear, jewellery, eyewear, luggage and bags, watch, and apparel categories, recorded a 30% increase in sales in the first quarter of the current year, on a comparable basis to the same period of 2021. Nevertheless, in the subsequent second and third quarters, sales fell by 14% and 5%, respectively, interrupting the growth trajectory.
"The lockdowns in major Chinese cities, combined with the economic slowdown, led to decreasing luxury sales in the second and third quarters", commented Samuel Yan, e-commerce commercial lead at NPD. "However, the long national holidays, double 11 shopping festivals, and Christmas season will likely boost luxury e-commerce sales in the fourth quarter", he added, on a brighter note.
The data also shows that, from January through September, the apparel and footwear categories registered an increase of 15% and 11%, respectively, mainly due to growth in average selling prices. The watches' category sales, instead, declined the most (by 31%), followed by the eyewear (down by 23%) and jewellery (down by 5%) categories.
Image Credits: cosmeticschinaagency.com
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