In response to the country’s import tariff reduction policy, Gucci confirmed today that it will adjust the retail prices of all direct retail outlets in mainland China, including new and classic models, by an average of 5%, a move that will attract more Chinese consumers to spend in the region.
It is noteworthy that on Friday its rival Louis Vuitton also cut prices of some of its products on China’s official website and offline stores by about 300 to 1500 yuan, or between 3% and 5%. Hermes also announced recently that it has adjusted the retail price of some products in the Chinese market, with a reduction of about 100 to 500 yuan, covering accessories such as belts, wallets, scarves and some styles of women’s wear.
Now, China is undoubtedly the most urgent market for luxury brands. At the same time, China is trying to redirect overseas shopping to the mainland, cultivating the mainland luxury consumption market, thus driving the overall consumer economy to improve.