服饰行业周度市场观察2024年第45周

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The jewelry consumption in the Chinese market decreased by 29% in the last quarter, primarily due to rising gold prices and economic pressures [4] - The outdoor brands are increasingly competing in the knitwear segment after intense competition in jackets and shoes [10] - Fast fashion is facing a downturn, with major brands like ZARA and SHEIN experiencing growth slowdowns and stock price declines [10] Industry Trends - The global gold price reached a historical high, leading to a significant drop in gold demand in China, with total gold demand down 22% year-on-year to 218 tons and jewelry consumption down 29% to 130 tons [4] - The luxury goods market is expected to face complexities in 2025 and 2026 due to "luxury fatigue" and over-commercialization, as noted by Chanel's president [5] - The second-hand luxury market in China is projected to grow significantly, from 5.88 billion RMB in 2016 to an estimated 100 billion RMB by 2030 [15] - Uniqlo is facing challenges in the Chinese market due to rising prices and increased competition from alternative brands [15] Top Brand News - Chow Tai Fook's retail sales fell by 21% in the third quarter, with expectations of a further decline in revenue and net profit due to high gold prices and reduced consumer spending [20] - Adidas reported a 10% increase in global revenue, with a notable 9% growth in the Chinese market, marking six consecutive quarters of growth [20] - JD.com is re-entering the fashion sector with significant investments and collaborations to enhance its market presence [21] Investment Operations - Adidas raised its full-year performance forecast for the third time, expecting a growth rate of around 10% for the year [30] - Deckers Brands reported a 20.1% increase in net sales, driven by strong performance from its HOKA brand [31] Marketing Activities - A new influencer on Douyin gained 10 million followers in a month, showcasing the effectiveness of unique content and brand collaborations in driving engagement [36] - Luxury brands are leveraging art exhibitions to enhance brand visibility and connect with consumers in China [37]