这是半佛仙人的第1961篇原创 1 后台有人发我一个新闻，问钻石怎么就不行了，是不是消费主义不行了？ 恰恰相反朋友。 钻石崩了，就是因为不够消费主义。 或许有人会说不对，应该是因为培育钻的冲击，导致钻石根本不稀缺了。 向下滑动查看所有内容 （新闻来自第一财经） 钻石的崩不是因为消费主义不行了，钻石的崩恰恰是因为钻石太老实了，不够消费主义。 真的朋友，没有给你开玩笑。 再说一遍，奢侈品从来不是靠原材料定价的，别说包了，莆田加东莞这么多年也没让AJ少赚钱，人家茅台的利 润率9 0%多直接写在财报里，就连人家卡地亚蒂芙尼，也用钻石做产品，不是一样涨价和一货难求么？ 2 那么问题来了，都是原材料不值钱，为什么他们能卖溢价而钻石现在不行了？ 说穿了，想让消费者忽视原材料成本，卖出高溢价，要同时做到两点。 一个是面子，一个是里子。 面子就是独一无二的个性符号或者说是身份区隔，让买了的人觉得自己不一样。 里子就是一个可流转的二级市场，让掏了钱的人有机会以一个合理的价格出手回血。 这二者但凡有一个做不到，都不行。 而钻石，恰恰好二者都没做到，能维持到现在才崩已经是奇迹了。 也不是的朋友，钻石这东西从来都不稀缺，奢侈品从来也不 ...

Core Insights - The luxury goods market is experiencing a shift in consumer behavior, particularly among younger generations who prioritize value and discounts over brand prestige and logos [2][3][5][6] Group 1: Changing Consumer Preferences - Young consumers are increasingly seeking high-quality luxury items at lower prices, moving away from the traditional notion that higher prices equate to better quality [2][5] - Research indicates that nearly 50% of luxury goods users on platforms like Xiaohongshu are born after 1995, with a significant portion starting to pay attention to luxury brands before the age of 22 [3] - The trend shows that young consumers prefer discount channels, with a 30% year-on-year increase in luxury sales reported by discount e-commerce platform Vipshop from January to September this year [3][6] Group 2: Market Dynamics - Major luxury brands like LVMH and Kering are facing declining profits, with LVMH's operating profit down 15% and net profit down 22% in the first half of 2025 [3] - The discount luxury market is projected to grow at five times the rate of the full-price market between 2025 and 2030, indicating a significant shift in consumer purchasing behavior [6] Group 3: Trust and Quality Assurance - The need for third-party authentication has become essential in the discount luxury market, as consumers seek assurance of product authenticity and quality [10][11] - China’s inspection and certification authority, Zhongjian, is establishing itself as a key player in providing quality assurance for discounted luxury goods, enhancing consumer trust [10][11] - The collaboration between Zhongjian and e-commerce platforms aims to redefine quality standards for discounted luxury items, addressing consumer concerns about authenticity and value [11]

Core Insights - The luxury goods market is experiencing a significant shift, with consumers becoming more price-sensitive and favoring discount sales over full-price purchases [1][3][7] Group 1: Market Trends - LVMH reported a 10% decline in sales revenue in the Asian market, with a more pronounced 14% drop in the second quarter of 2024 [1] - The trend of internal sales and discount events has become a core strategy for brands, accounting for 50% of the luxury market as consumers opt for more rational spending [3] Group 2: Consumer Behavior - Younger consumers, particularly Generation Z, are prioritizing experiential spending over luxury goods, reflecting a shift in values towards practicality and affordability [3][5] - The rise of social media platforms like Xiaohongshu has led to a culture of sharing tips on finding high-value items at discount sales, creating a new form of social currency among young shoppers [5] Group 3: Brand Strategies - Brands are adapting to the changing consumer landscape by implementing targeted sales strategies, including exclusive invitations for loyal customers to participate in discount events [5][7] - Discount platforms like Vipshop are facilitating a more mature discount ecosystem, allowing consumers to purchase luxury items at significantly reduced prices, leading to rapid sell-outs [5][6]

Core Viewpoint - The rise of second-hand stores in China is driven by consumer preferences for affordability, uniqueness, and environmental sustainability, leading to a growing market for second-hand goods [1][3][9]. Consumer Preferences - Consumers are increasingly choosing second-hand products due to their relatively lower prices, with some able to purchase two second-hand items for the price of one new item [3][5]. - The uniqueness of second-hand items appeals to younger consumers, who seek personalized and distinctive products that are often no longer in production [3][9]. - Environmental consciousness is influencing purchasing decisions, as buying second-hand is seen as a way to promote sustainable living and reduce waste [3][9]. Market Growth - The second-hand e-commerce market in China is projected to reach a transaction scale of 645.02 billion yuan in 2024, reflecting a year-on-year growth of 17.56% [9]. - The user base for second-hand e-commerce is expected to grow to 660 million, marking a 13.79% increase [9]. Business Models - Second-hand stores generate revenue through buying low and selling high, as well as charging consignment fees for items sold on behalf of others [5][7]. - The integration of online and offline sales channels enhances customer experience and reduces return rates, with some stores reporting a drop in return rates from double digits to single digits after adopting this model [8][9]. Operational Challenges - Despite the growth, second-hand stores face challenges such as higher operational costs associated with physical locations and the need for improved product display and authenticity verification [10][11]. - Consumers express a desire for better shopping experiences in second-hand stores, emphasizing the importance of cleanliness, organization, and product presentation [10][11]. Regulatory Environment - The development of the second-hand market is supported by government policies promoting green consumption and the circular economy, which have increased consumer awareness and acceptance of second-hand goods [6][11].

Summary of Conference Call Company and Industry - The conference call primarily discusses the performance of the luxury goods industry, specifically focusing on the sales data of various stores in Beijing, Xi'an, Chengdu, and Wuhan, as well as the performance of specific brands like Cartier, Tiffany, and Bulgari. Key Points and Arguments 1. **Sales Performance in April**: - Beijing's SKP store achieved sales of 450 million, with a year-on-year growth of over 150% [1] - Xi'an's store recorded 140 million in sales with a 120% growth, while Chengdu's store approached 100 million with nearly 200% growth [2] - Wuhan's new store generated 60 million, with no year-on-year comparison available [2] 2. **Factors Influencing Sales**: - Increased promotional activity days contributed to the sales boost in April [3] - The performance of stores in Xi'an and Chengdu met expectations, while Chengdu's growth was attributed to a low base last year [3] 3. **Consumer Behavior Trends**: - There is a noticeable shift in consumer demographics, with younger consumers increasingly purchasing luxury items, including gold [4] - The phenomenon of "黄牛" (scalpers) has emerged, with scalpers contributing significantly to sales, particularly from entry-level customers [5] 4. **Customer Loyalty and Spending**: - Existing high-end customers contribute significantly to sales, with average spending reaching 200,000 [7] - The loyalty of younger, entry-level customers is lower, necessitating efforts to convert them into repeat customers [7] 5. **Store Expansion Plans**: - Plans for expanding store sizes in Beijing and other locations are underway, with expectations of increased sales following these expansions [8][30] - The anticipated increase in store size is expected to lead to proportional sales growth, although this is not guaranteed [9] 6. **Sales Forecasts**: - For the first four months of 2025, sales in Beijing are projected to reach 1.2 billion, with annual expectations of 2.1 to 2.2 billion [9] - The potential for significant sales during upcoming promotional events in August and November is highlighted, with expectations of achieving over 500 million in sales during these periods [10] 7. **Market Dynamics**: - The luxury goods market is experiencing fluctuations, with brands like Cartier and Tiffany seeing stable growth, while others like Bulgari are facing declines due to reduced promotional activities [13][14] - The overall sentiment in the luxury market remains cautious, with brands adjusting their strategies in response to changing consumer behaviors and economic conditions [36] 8. **Impact of Gold Prices**: - The recent decline in gold prices has not significantly affected the sales of luxury gold brands, as consumer confidence in gold as an investment remains high [17][18] - The perception of gold as a stable investment has led to increased purchases, particularly during price fluctuations [28] 9. **Regional Differences**: - Consumer preferences vary significantly between first-tier cities like Beijing and second-tier cities like Xi'an, with the latter showing a preference for domestic brands [29] 10. **Future Outlook**: - The luxury goods market is expected to continue evolving, with brands focusing on enhancing customer experience and expanding their reach to younger demographics [32] - The overall economic environment remains a critical factor influencing consumer spending and brand performance [36] Other Important but Overlooked Content - The discussion includes insights into the competitive landscape among luxury brands, with specific mentions of how brands are adjusting their marketing strategies to attract consumers amidst economic challenges [22][36] - The importance of experiential retail and customer service in driving sales is emphasized, particularly in the current economic climate where consumers prioritize experience [25]

Group 1 - The foreign trade industry is currently experiencing one of its most chaotic periods due to fluctuating tariff policies and economic pressures [1][3][8] - The Trump administration has imposed tariffs as high as 245% on certain Chinese goods, causing significant anxiety among foreign trade workers [2][8] - Many foreign trade companies are struggling to maintain operations amidst rising costs and changing regulations, leading to innovative strategies to survive [3][12][27] Group 2 - Chinese factories are using platforms like TikTok to expose the significant markup on luxury goods produced in China, revealing that actual production costs are much lower than retail prices in the West [5][9][10] - The rising cost of living in the U.S. has led to public outrage as consumers face skyrocketing prices for basic goods, such as eggs priced at $11.99 for a dozen [6][12] - Some consumers are calling for direct purchasing options from factories to bypass middlemen, indicating a shift in consumer behavior [10][11] Group 3 - The foreign trade sector is adapting to the new tariff landscape by exploring alternative shipping methods and markets, including transshipment through other countries [30][34] - There is a growing trend of Chinese companies establishing factories in Southeast Asia to mitigate the impact of U.S. tariffs, with over 400 companies reportedly investing in Vietnam alone [38][39] - The industry is facing challenges with compliance and documentation for transshipment, as U.S. policies are tightening scrutiny on goods originating from China [35][36] Group 4 - Some companies are finding opportunities amidst the chaos, with certain businesses experiencing an increase in orders as competitors struggle to adapt [41][56] - Companies are adjusting their product lines to focus on in-demand items that are less affected by tariffs, demonstrating agility in response to market changes [44][46] - The overall sentiment in the industry is one of cautious optimism, with a recognition that adaptability and vigilance are key to navigating the current landscape [57]