汇丰银行中国奢侈品行业中国未来奢侈品消费者剖析2018354页

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Disclaimer&Disclosures:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit……thattheyearofthedogshouldbestrongLearnaboutfavouritebrandsandupandcomingtrendsinluxury,autos,tech,beverages,leisure,gaming,travelandmoreEQUITIESCONSUMER,TECH,AUTOMarch2018By:ErwanRambourgandtheGlobalConsumerandRetailTeam1EQUITIES●CONSUMER,TECH,AUTOMarch2018GettingareadonChineseconsumers’appetiteforluxuryChinaisthefutureofgrowthformanyindustries,andpremiumgoodsarenoexception.Wesurveyed2,000wealthyChineseconsumersacrossthecountryaroundChineseNewYear(from16to25February2018)abouttheiraspirationswithover70questions.Wefocusedmainlyonmillennialsaged18-34(75%ofresults)astheyarethegenerationmostlikelytobeemployedanddrivingluxuryconsumptionforthenextfewyears.Ourrespondentswere60%femaleaswebelievethefutureisfemaleforpremiumconsumption.WealsofocusedonwealthierconsumerswithannualincomeexceedingRMB150k(ieUSD24k).Thesurveydoesnotrepresenttheviewsofthewiderpopulation.What’sinthereportAftersimilarsurveysfortheUK(UK:Anatomyoftheconsumer,published13December2017),Brazil(Brazil:Anatomyoftheconsumer,10March2017),China(ChinaAnatomy,3November2017)andtheUS(US:Anatomyoftheconsumer,18January2018),wepresentasurveyofwealthierChineseconsumerstotrytounderstandwhatmakesthemtick.Whilenotenoughtoformaviewrepresentativeoftheentirepopulation,theresultssupportthemeswehavebeendeveloping,notablyourviewthat2018shouldbeanotherverystrongyearforluxuryinChina.Seetheappendixonpage47formoredetailsonoursurveydemographics.Goodthingscometothosewhospend:ChineseconsumerconfidenceandequitymarketsareupandourresultsshowChineseconsumersarehungrytospendmoreathomeandabroadonaseriesofproductcategories,translatingtheeconomicoptimismintohigherconsumption.Embracingthenew:Whetherintechorautos,thisyoung,wealthysampleisreadytoadoptnewtrendsandtotravel(theyarealsosayingtheylookforwardtodiscoveringmoreremotedestinations).Consumerbehaviourandbrandpreferences:Wanttoknowwhataffordablehandbagbrandcomesoutontop,howmuchChineseconsumersarewillingtospendonwhitegoods,howtheyfeelaboutgaming,tech,autos,howtheyprefertobuyluxuryonline,whatmotivatesthemtodrinkBaijiu,whatsuitcasetheywillcovetandawholelotmore?Diginandhavealookatthesurveyresults−youmightbeinforafewsurprises!ExecutiveSummaryHSBCChinaConference201814-16May,ShenzhenRegisternowTHISCONTENTMAYNOTBEDISTRIBUTEDTOTHEPEOPLE'SREPUBLICOFCHINA(THEPRC)(EXCLUDINGSPECIALADMINISTRATIVEREGIONSOFHONGKONGANDMACAO)EQUITIES●CONSUMER,TECH,AUTOMarch2018212funfacts−didyouknowChineseconsumershadthisinmind?1.Ilikeyoujustthewayyouare–62%ofrespondentsdonotwantcosmeticsurgery–whichmeansthat’sahefty38%whodo2.Goodvibesonly–48%saybeingenvironmentallyfriendlyisagoodreasontobuyanEV(electricvehicle)3.Equityovercategory–LouisVuittonistopsinshoes(notitsorigin),Chanelnumber2injewellery(notitsforte)behindCartierandHermèsisupthereinwatches(similarlynotcoretothebrand)4.Who’supwiththedown?–CanadaGooseisfavouredoverMonclerwhatevertheage,genderandincome,whichissurprisingtousgiventhemoreupscalepositioningofMoncler5.Coach:who’stheboss?–Coachdominatesitsaffordableluxurysegmentbyaverywidemargin6.Politicsmatter–Koreancosmeticsarenotaspopularasmightbeexpected7.Globalversuslocalsports:adidasandNikedominateathleisure,whilewebelievelocalChinesesportinggoodsbrandswillfocusmoreonperformance.8.Theblingfutureisnow–LuxuryPavilion,TopLifeandVIPLuxarenewtotheluxurye-commercescenebutalreadyrankinghighly9.Justcruisin’–92%ofrespondentswouldgoonacruise10.E-wheels–70%mightconsiderpurchasingaluxuryvehicleonline11.Dude,where’smycar?–Thecarisastatussymbolfor87%ofrespondents12.SayonaraJapan,bonjourlaFrance?–ThemostfrequentlyvisitedcountrywasJapan,themoreaspirationaloneisFrance3EQUITIES●CONSUMER,TECH,AUTOMarch2018ExecutiveSummary1GettingareadonChineseconsumers’appetiteforluxury1What’sinthereport112funfacts−didyouknowChineseconsumershadthisinmind?2Broadoutlookandconcerns4Haveconfidence,willshop4Shopping7Luxury7Beverages18Cosmeticsandskincare21Athleisure23Luggage25WhiteGoods25E-commerce27Travel&Leisure29Travel29Gaming34Leisure36Tech38Chinaisnoexception–lookingbeyondsmartphones38Autos42Knowyourrespondent47Disclosureappendix50Disclaimer52ContentsEQUITIES●CONSUMER,TECH,AUTOMarch20184Haveconfidence,willshopChineseeconomypoisedforanothergoodyear,GDPexpectedtoaccelerateChineseconsumershavealottobeconfidentabout.China’sequitymarketsarereachingtwo-yearhighssincetheircollapseinH22015,manufacturinginvestmentgrew4%in2017,reversingafive-yeardecline,andexportsreversedacontractionin2016togrow7.4%in2017.China’sfocusoninnovation,technology,andgreenenergyhashelpedpropelitseconomytonewheightsandmadeitstrongerandmoresustainable.Asoutlinedinour14FebruaryreportChinamulti-assetspecial,HSBCpredictsrealGDPgrowthin2018of6.7%,acceleratingto6.9%in2019inspiteofapredi

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