爱马仕们开始给不买奢侈品的年轻人寄「催款函」了

Core Viewpoint - The luxury brand Hermès has implemented a price increase of up to 10% at the end of December, with the most popular items seeing moderate price hikes, reflecting a strategic response to market conditions and consumer behavior in China [4][5][6]. Price Increase and Sales Performance - Hermès raised prices by approximately 10%, with specific items like the "Platinum Bag" increasing by 10,000 yuan and the Kelly bag by 5,000 to 10,000 yuan, while jewelry prices rose by only 1% [5]. - The third-quarter financial report indicated satisfaction with the performance in the Greater China region, attributed to a slight recovery in foot traffic and increased sales of high-value items like jewelry and watches [5][22]. - Despite the price increases, Hermès has seen a reduction in the difficulty of acquiring bags, with the allocation ratio for certain styles improving from 1:2 or 1:3 to 1:1, indicating a shift in consumer purchasing dynamics [16][18]. Market Dynamics and Consumer Behavior - The luxury goods market in China has faced challenges, with a reported reduction of approximately 50 million consumers over the past two years, leading to a more cautious spending environment [7][16]. - The financial performance of Hermès shows a significant reliance on leather goods, which accounted for 44.35% of total revenue in the first three quarters of 2025, while other categories like ready-to-wear and accessories have shown slower growth [18][20]. - The competitive landscape reveals that other luxury brands, such as Chanel, have also experienced sales declines, with Chanel's revenue dropping by 5.3% in 2024, raising concerns about the sustainability of their growth strategies [21]. Regional Insights - In the Asia-Pacific region, Hermès reported revenues of 5.163 billion euros, a 4% increase, with the Greater China market showing notable performance, although still lagging behind other regions [23]. - The overall luxury market in China is expected to contract by 3% to 5% in 2025, indicating a shift towards domestic entry-level brands and experiential categories [24][26]. - Local brands are gaining traction, with significant sales in the Tmall Double Eleven shopping festival, highlighting a structural change in consumer preferences [25][26].