《亚洲华尔街日报》 2008年1月29日
作者：Bruno Lannes, 陈鲍康文

随着中国大陆市场的经济呈两位数的速度增长，今年春节，买得起奢侈品的大陆消费者将比以往任何时候都多。中国的奢侈品零售商所面临的问题在于，大陆消费车未必会在国内购买奢侈品。因此，要让他们开始在国内购买产品，而不是直接去香港或者其他地方，对于零售商们的长期健康发展来说至关重要。但同时，这也需要有明智的市场营销战略。

With the economy in mainland China expanding in double digits, this Chinese New Year more mainland shoppers than ever before will be able to afford Tiffany watches, Louis Vuitton handbags and Armani suits. The problem for Chinese luxury retailers is that mainland consumers won't necessarily be buying those products at home. Getting them to start doing so, instead of heading to Hong Kong or
elsewhere, is crucial to the retailers' long-term health but will require savvy marketing.

China's luxury consumers still number only about a million. But their ranks are growing rapidly -- sales of luxury goods, including premium cosmetics, grew 30% in mainland China last year in dollar terms, according to our research. Such sales now total about $6 billion annually. By comparison, Japan's luxury sales are $30 billion a year.

But there's a catch: Almost half of mainland luxury goods shoppers head to Hong Kong or other overseas locations, where the prices tend to be 20% to 30% lower mostly due to the absence of China's stiff import tax. Depending on the luxury category you consider, up to 50% of sales in Hong Kong luxury-brand stores are made to Chinese nationals.

This presents a significant challenge for retailers. Several brands like Ferragamo, Dunhill or Hugo Boss have started their mainland stores with franchisees and have a big financial stake in making them succeed to find more and continue to grow. Among other benefits, building profitable growth in China will help luxury retailers attract and retain the best executive talent. Losing money means they'll be less likely to pay competitive salaries and incentives and provide adequate professional development opportunities to their staff.

Some of mainland China's most aggressive retailers are working to build sales at home. Focusing on stocking "starter" luxury items is one approach. For example, the stores in Shanghai's upscale Plaza 66 shopping center feature a wide selection of small, less-expensive accessories like jeweled mobile phone cases, leather key cases or sunglasses, as well as entry-level watches. The yuan price difference with Hong Kong on those more affordable items is small, and not worth the travel cost and hassle. These items are aimed at introducing China's middle-class shoppers to luxury brands with the goal of making them regular customers.

Stores are also looking for ways to spur impulse purchases. Whether they shop on the mainland or abroad, China's luxury shoppers increasingly are buying on impulse -- even for big-ticket items like watches and leather bags. According to a Bain & Company survey of 1,200 mainland shoppers, some 35% reported they spontaneously purchase luxury items. To appeal to impulse shoppers, luxury brands are investing in marketing strategies such as offering limited editions of products or in-store demonstrations. Hermes recently flew technicians and equipment from France for a few days to demonstrate to Plaza 66 shoppers how its famous scarves were designed and
colored.

Tapping male shoppers will be very important to building a stay-at-home luxury market. China is the only market in the world where men buy more luxury goods than women -- especially items like pens, watches and leather cases -- often to give to a counterpart in a business transaction. The gift segment tends to prioritize generosity and convenience over travel to save a few thousand yuan (a few hundred dollars). To appeal to this segment, some retailers have begun employing "gift pickers," special sales people to help businessmen make choices.

To offset higher mainland prices, most luxury retailers also work hard to make the shopping experience an enjoyable one. They're hiring large staffs to reduce wait time. They're also building bigger stores designed for easy, leisurely browsing. Montblanc recently expanded its store in Shanghai's Citic Square to 610 square meters, making it their biggest store in the world. The company is also enlarging its Beijing store at Oriental Plaza.

There are other signs that these strategies are working. Louis Vuitton's Plaza 66 store sales have multiplied tenfold in just five years. Most luxury retailers have bold expansion plans for the mainland, suggesting that they might be learning how to win over China's luxury shoppers.

Mr. Lannes is a partner in Bain & Company's Shanghai office. Ms. Chen is a partner in Bain & Company's Hong Kong office.