可选消费品行业全球恢复系列

Industry Investment Rating - The report provides a detailed analysis of the recovery trends in various sectors of the global consumer goods industry, focusing on cosmetics, luxury goods, duty-free, travel, and entertainment sectors [1][2] Core Views - The global consumer goods industry is experiencing a mixed recovery, with some sectors like cosmetics and luxury goods showing signs of improvement, while others like duty-free and travel are still struggling to regain pre-pandemic levels [3][30][49] - The recovery is uneven across regions, with Asia-Pacific showing slower recovery compared to Europe and the Americas [14][20][36] - The report highlights the importance of multi-brand strategies and regional diversification for companies to navigate the post-pandemic landscape [16][28] Cosmetics Sector - In Q1 2023, international cosmetics brands in Japan and South Korea showed relatively weaker performance, with brands like Shiseido and Amore Pacific experiencing significant declines in revenue [3] - L'Oréal reported strong growth in its dermatological beauty segment, with a 30 6% increase in Q1 2023, while its luxury cosmetics segment saw slower growth [4] - The Chinese market continues to impact global cosmetics brands, with Shiseido reporting a 3% decline in revenue in China for Q1 2023 [7] - South Korean skincare brands are facing challenges, with Amore Pacific reporting a 17% decline in overseas revenue in Q1 2023, primarily due to weak demand in Asia [9] Luxury Goods Sector - Luxury brands like Hermès, LVMH, and Kering showed improved performance in Q1 2023, with Hermès reporting a 26 1% growth in Japan [30][36] - The Americas market for luxury goods is slowing down, with brands like Kering reporting a decline in North American sales [32] - The Asia-Pacific region, particularly Japan, is driving growth for luxury brands, with LVMH reporting a 34% increase in sales in Japan for Q1 2023 [36] Duty-Free Sector - The duty-free sector is recovering unevenly, with European and American markets showing faster recovery compared to Asia [49] - South Korea's duty-free market is struggling, with sales in Q1 2023 down by 51 3% compared to the same period in 2019 [51] - China Duty Free has emerged as the largest duty-free operator globally, with its revenue surpassing pre-pandemic levels [56] Travel and Entertainment Sector - The travel sector is recovering, with OTA platforms like Expedia and Booking reporting strong growth in bookings, particularly in the Asia-Pacific region [63][65] - The entertainment sector, particularly live events, is seeing a strong rebound, with Live Nation Entertainment reporting record revenues in Q1 2023 [77] - The cruise industry is still recovering, with major operators like Carnival and Royal Caribbean reporting significant losses despite an increase in passenger days [81][82] Regional Recovery Trends - The Americas and Europe are leading the recovery in the cosmetics and luxury goods sectors, while Asia-Pacific is lagging behind [14][20][36] - The duty-free sector in Europe and the Americas is recovering faster than in Asia, with operators like Dufry and Lagardère reporting improved performance [49][53] - The travel sector is seeing a strong recovery in the Asia-Pacific region, with OTA platforms reporting significant growth in bookings [63][65]