汇丰银行中国奢侈品行业中国奢侈品消费情况一览2019259页

:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.Asset//SubcategoryChinaDeluxeFebruary2019Equities//ConsumerandTechPlayinterviewwithErwanRambourgEquitiesConsumerandTechFebruary2019By:ErwanRambourgandtheGlobalConsumer&RetailTeamThesecondeditionofourChinaDeluxesurveyfocusesonconsumeraspirationsforpremiumproductsDespitetheheadlines,oursurveyrespondents’luxuryconsumptionstilllooksstrongintheYearofthePigSeebrandpreferencesandup-and-comingtrendsinluxury,technology,internet,travel,beverages,cosmetics,andmoreChinaDeluxeCheckinginonluxuryconsumptioninChina1Equities●ConsumerandTechFebruary2019CheckinginonluxuryconsumptioninChinaLastMarch,welaunchedourfirst-everluxuryconsumptionsurvey,interviewingwealthyChineseconsumers.Wecheckinayearlatertoseeifthingshavechanged.Wesurveyedover2,000wealthyChineseconsumersaroundChineseNewYearandaskedthem50questions.Wefocusedonmillennialsaged18-34(57%ofrespondents),astheyarethegenerationmostlikelytodriveluxuryconsumptioninthefuture,andonwomen(57%ofrespondents).Ourrespondents’annualincomeexceededRMB150,000,andwesplittheresultsbetweenTier-1andothertiercities(closetoa50-50split).What’sinthereportAftersimilarpremiumsurveysinboththeUS(USHolidayDeluxe,3Dec2018)andChina(ChinaDeluxe,7Mar2018);andbroaderconsumersurveysinPoland(23Jan2019),theUK(16Jan2019),Turkey(10Jan2019),Russia(27Nov2018),Mexico(26Nov2018),Brazil(13Apr2018),theUK(13Dec2017),theUS(18Jan2018),andChina(3Nov2017),wecheckinwithourwealthierChineseconsumers.Weaskabouttheirappetiteforluxurygoods,tech,sportswear,luggage,cosmetics,travel,internet,andbeverages.WesurveytheirexpectationsfortheeconomyintheYearofthePig,attitudestowardsESG,andtheimplicationstheirpreferenceshaveonbroaderthemesforthesesectors.WecomparetheresultstoourChinaDeluxesurveyfromMarch2018andourUSHolidayDeluxesurveyfromDecember.Whilec2,200respondentsarenotenoughtoformarepresentativeviewoftheentirepopulation,theresultsdosupportthemeswehavebeendeveloping.Seepage6formoredetailsaboutoursurveydemographics.Notafraid:Consumptionshouldbeupacrossmultiplecategories,includingluxury,beverages,andtech,supportingourtheorythatdomesticeconomyshouldstaystrongdespitenegativeheadlinesandexternalpressures.“Premiumization”:Quality,high-endbrandsmattertoourrespondentsacrosscategories,andtheyarewillingtospendtogetthem.Ourdatainluxury,cosmetics,luggage,andsportinggoodssupportsthistrendtowardspremiumization.Thepandasarestayingclosetohome:Anappetiteforwesternbrandsdoesnotnecessarilytranslateintotravelingtothewest,consistentwithourthemeoftherepatriationofgrowth.ToptraveldestinationswereplacesnearChina,andmostofourrespondentswereonlyplanningtogoabroadonceortwicethisyear.ExecutivesummaryEquities●ConsumerandTechFebruary20192LinkstopreviousHSBCsurveysForovertwoyears,HSBChasteamedupwithTolunatosurveyconsumersaroundtheworld.Feelfreetoreachouttoouranalyststodiscussthesesurveysandwhattheymeanforstocks.“Deluxe”surveysfocusingonluxuryandpremiumgoods:USHolidayDeluxe-AnatomyoftheUSluxuryconsumer,3December2018InDecember2018,USconsumerswerenotprioritizingluxuryasmuchasChineseconsumerswere,despiteapositiveoutlookforthenextyear.ChinaDeluxe-Anatomyofthefutureluxuryconsumer,7March2018InMarch2018,welearnedthattheYearoftheDogwouldbestrongforluxuryconsumptionfromtheChinese.“AnatomyoftheConsumer”surveysfocusingongeneralconsumerandretailtrends:Poland:AnatomyoftheConsumer–Optimismpepperedwithcaution,23January2019InJanuary2019,Polishconsumerswerefeelingoptimisticabouttheeconomy,thoughtheiroptimismistemperedbyconcernsaboutrisinglivingcostsandinflation.UK:AnatomyoftheConsumer–Evolutionofissues,16January2019InJanuary2019,UKconsumersexpressedtheirconcernabouttherisingcostoflivingandBrexit,andtheirbehaviorshowstheyareconcerned,despiterisingrealincomes.Turkey:AnatomyoftheConsumer–Adifficultyear,10January2019InJanuary2019,Turkishconsumerswerefeelingpessimisticabout2019andconcernedaboutmoneyinthefaceofslowingeconomicgrowth.Russia:AnatomyoftheConsumer–Feelingthepinch,27November2018InNovember2018,welearnedhowRussianconsumersarefeelinginthecontextofVladimirPutin’s“MayDecree”,withpessimistsoutweighingoptimists.Mexico:AnatomyoftheConsumer–WhatdoMexicanconsumerswant?,26November2018InNovember2018,Mexicanconsumerswerebullishdespitemacrofearsaheadofthechangeinadministration.SouthAfrica:AnatomyoftheConsumer–Consumersareworried;spendinghabitswillreflectthis,22October2018ThesubtitleofthisOctober2018publicationseemsquiteself-explanatory.Clickthelinktoreadmore.Brazil:AnatomyoftheConsumer–WhatdoBrazilianconsumerswant?,13April2018InApril2018,welearnedaboutthedisconnectinBrazilbetweenadistrustininstitutionsandbrandsandoptimismabouttheeconomyaswellassalaries.US:AnatomyoftheConsumer–WhatdoUSconsumerswant?,18January2018InJanuary2018,Americanconsumerswereconfidentbutnotspendingasmuch.UK:AnatomyoftheConsumer–Havethingschanged?,13December2017InDecember2017,wesawUKconsumerswerelosingmomentumandwereconcernedaroundlivingcosts,terroris