OK let’s hear it for the blokes, the men, the boys, for the Chinese male is driving a resurgence in the luxury goods market after a slowdown that led to profit warnings.
And how are these guys doing it? They are snapping up men’s bags like they are going out of fashion, so to speak! Bless them.
Recent figures show that Chinese shoppers actually make up about a quarter of the world’s luxury purchases and of those 55% per cent are men and of those, an awful lot of them are shopping for man bags.
Only last October Burberry were forced to issue a second profit warning after sales slowed considerably sending shock waves through the whole sector and there were fears it would ripple out to other luxury brands.
Mulberry weren’t far behind and they too in October issued a ‘severe’ profit warning causing shares to initially slump by 25% with Mulberry revising revenue growth to the year end of March 2013
Only this week Financiere Richemont, the company behind luxury watch names including Cartier reported that they had missed their third quarter expectations, blaming flat sales in China among other causes.
But once again there is light at the end of the tunnel with China’s growth picking up 7.9% in the fourth quarter after seven quarters of negative growth and that meant that Burberry could report that its Asia Pacific sales were up 15% in the three months to December, led of course by China and Hong Kong.
Whilst their sales in Europe remained flat and sales in America rose by only two percent China went back into boom time with sales of men’s clothing up by a whopping 50 per cent.
And just behind men’s clothing were men’s accessories including of course, men’s bags which were up 40 per cent – which, in theory at least is good news for men’s bags manufacturer’s everywhere.
If only the British market could emulate the trends – all of them – and in particular the one regarding man bags. We still have a long way to go with regard to carrying man bags as a matter of course, but we are getting there.
A fillip in the economy would of course help, but here at Blokesbags we have one simple message – come on men, it’s down to you – get out there, get shopping and get your very own man bag over your shoulder.