wen | yuansight zhouyi

“yigeaimashibaodengyuyiliangxinnengyuanche”dexinwenguazairesoushangyitianbianxiaoshile，ruguoshuoxianzaihaiyounagepinpaideangguibuzaibeizhushibingxiyiweichang，dagaijiuzhiyouaimashile。

jinnian，quanqiushechipinshichangduiyuxingyezengsufanghuanyijingyoulegongshi。danbujiuqian，zailvmhhekaiyunjituanliangdashechipinjutoubingbuliangyandesanjibaofabuzhihou，dajiacaizhenzhengganshoudaoxuqiuxiajiangdehanyi。

erzaizheigeshihou，aimashiyiranjuedingxunlipuzhang。guangzhoutaiguhuideyiweiaimashijujiezaiyuansightxiangxunwenzhangjiachuanwenshi，biaoshi12yue-cinian2yuefenshiaimashidechuantongzhangjiaqi，zheiyeshishechipinxingyedechuantong。“buguangshibao，qitaxiangsijin、guajianzheixieyinggaidouhuizhang。”

aimashijituanqiansanjidudeyingshouanzhaogudinghuilvjisuanzengzhangle14%，erzaiyataidiqu（bubaohanriben）dezengsudadaole7%。

“tongshebutongming”deyouboboli、mabaolijimaikegaoshi，zheixieerxianshepaidouzaiganggangguoqudeshiyiyuefenxiadiaolechanpinjiage，bingqiekaishifansizhiqiandezhangjiacelve，yuanyinshisanjiapinpaisuozaijituanzaiyataiqudexiaoshoushourujunchaoguole20%dexiajiangfudu。

jinjinian，zhongguozhongchanxiaofeizhequntidekuodarangsuoyoupinpaidouchangdaoletiantou，erdangshitaixiangxia，aimashihuigaosuxingye：shenmecaishizhenzhengdegaojingzhikehu。

逆势涨价，逆势增长

aimashizuoweishechipinxingyedenixingzheyijingbushidiyicile。

2015niandeshihou，yinweiouyuanpiruanchuxianledafududehuilvbodong，xiangnaier、kadiyadengpinpaixuanzelezaizhongguojiangjia，zaiouzhouzhangjiadecelve。bishiaimashibianbiaoshibuhuicaiqutongyangdejiagecelve，suierhouzaiouzhoudiqutijiale4%，danqitadifangbingweijiangjia。

huanjuhuashuo，zaiaimashidedingjiakuangjiazhong，jishiwaibuhuanjingfashengjubian，yebuhuiqingyicaiqujiangjiadecelve。daole2024nian，mianduitongyangdewenti，aimashidehuidayirujiwang。

12yue，aimashiquerenlezaizhongguoqudezhangjiaxiaoxi，danbiaoshizhangjiafuduyigemendianweizhun。juyuansightxiangzhuanjudexunwen，ciciaimashidezhangjiahuoweiquanpinleipuzhang。

2024nianqiansanjidu，aimashijituandeshouruzongjidadaole112yiouyuan，angudinghuilvjisuantongbizengzhangle14%。pigezhipinhemaanjuyewudetongbizengzhang17%。

tongweifaguoshechipinjutoudelvmhjituanqiansanjidudexiaoshoushouruxiadie2%，shizhuanghepijuyewubankuaixiahua2%；kaiyunjituanqiansangeyuedeshouruxiahua12%，qijianpinpaiguccidisanjidudeshourutongbixiajiang26%、tongqiysl（shengluolan）、balenciaga（balishijia）yedouyouchaoguo10%dexiahua。

ciwai，yataidiquchengweishechipinxingyedegongtongnanti。2024nianqiansanjidu，lvmhweiyiyigexiaoshouxiahuadediqujiushiyazhou，gaijituanshouxicaiwuguanbiaoshizhongguoxiaofeizhexinxinyidiezhixinguanshidaiyilaidezuidishuiping；kaiyunjituanjidierjiduzaiyataishichangshouhuo25%dediefuhoujixuxiaxing，disanjidugaidiqudeshouruxiadiele30%。

danaimashijiezhidao2024nian9yuedi，zaiyataidiqu（churiben）deshourutongbizengzhangle7%。

congmuqiandechanpindingjialaikan，lv、gucci、ysldebaodaishoujiazai1wanyuan-3wanyuanzhijian，yuaimashiluobaozhishaowuwanqidejiageyouxiangdangdadechaju。

zheiyiweizhezaimuqiandeshechipinshichang，bingbuzunshou“yijiahuanliang”dezhunze，suoshuhexinkehudexiaofeilibianhuacaigengzhidepinpaijingti。

越下沉，越困窘

congjiagehequdaolianggeweidulaikan，aimashiyuqitashepaizuidadebutongzaiyuxiaofeizhedezhongchengduhequdaodekezhi。

qiansanjidudecaibaogongbuhou，aimashizaiciqiangdiaolezijizhongshidekehuqunti。aimashizhixingzhuxiaxel dumasduiweilaishifenleguan，qibiaoshi“deyiyuwomendutedeshangyemoshiyijikehudezhongchengdu，womenjiangjixuzhaopinhezhangqitouzi。”aimashishouxicaiwuguan éric du halgou t zerenweizaisuoyoudiqu，tamendouyongyoufeichangzhongchengdekehuqun。

aimashiyizhijianchihexindedingzhifuwu，shougongzhizuobaodaibinghuijimeiyizhibaodashangzhuanshubiaozhi，jiagedewenbushangzhangweiqibuduanshangshengderengongchengbendiandi，ergengweikuazhangdexiquexingzeyizhiweilaoyonghudeqingxujiazhimaidan。congmendiankuozhanglaikan，aimashiyejiaoweikezhi。judiyicaijingtongji，2014nianshiaimashibaoliule311jiandianpu，huidaole2008niandeshuiping。erdaomuqianweizhi，aimashizaiquanqiuyejinyou305jiamendian。

广州太古汇爱马仕线下门店

aimashidehexinyonghushizuifuyude1%renqun，zheixierenduiyujiagebodonghewaibuhuanjingbianhuadediyunengligengqiang，yejiugengnengzaikunnanshiqiweipinpaimaidan。

danbingfeisuoyoudeshepaidounengbaochizheiyangdekezhi，jibenchengxiansuochujiagedaiyuexiachen，kezhiliyuechadequshi。

lvmendexiaofeizheduoweichengshidezhongchan，qixiachanpinyebeirenweishishechipinderumenjibie。zaihaoguangjingxia，dabufendenianqingxiaofeizheyaoyaoyayexiadanlv。zai2022nianshangbanniandeshihou，lvmhdezongshouruzengzhangle21%，pijubumendezhangfushenzhidadaole30%。

dansuizhezhongchanmendexiaofeishuipingsuoshuiyanzhong，tamenshenzhichenglemuqianzuicuiruodexiaofeiqunti，buyongzhangjiajiunengqingyijiangtamendailizhuanjudedamen。

youyujiadifenghou，lvzanqiezaixiaoliangxiahuashi，renzhubuyongdijiaxinpinlaiyinliuxinkehu，danxiayigejiagedaideyaobushechipindechujingjiujinpohenduole。

erxianshepai burberry(boboli)、mulberry(mabaoli)jinqidouxuanbulejiangjia，bingqieduizhiqiandezhangjiajinxinglefansi。chulejiangjia，burberryhaitichuyaozhongxinduipinpaijinxingdingwei，kuodapinpaidexiyinli。

burberrydedabufenchanpindingjiazai10000yuan-20000yuanzhijian，qijianchanpinfengyicengshizhongchanzuiaidanpinzhiyi，erdangzhongchanmenfaxiantaruzhuaotelaisibingqingxiaoqixiachanpinhou，shechipinxingxiangtaxian，bianchengleyizhongkuaixiaopin。

zhiyuneixieqingshepinpai，zechujinggengweiganga。maikegaoshiweili，gaipinpaijinnianlaiyejiyizhiqianjia。shujuxianshi，qimugongsicaprijituanyingshouhejinglirunjunchuxiandafuxiajiang，qixiasandahexinpinpaijunbuzhuanqian。weiniuzhuanjumian，caprijituanjihuazaiweilailiangnianneiguanbiyue75jiabiaoxianqianjiademaikegaoshimendian，tongshifanxin150jiamendian。raner，zheixienulisihubingweinengzhuanhuaweishijiyejizengzhang，maikegaoshizaizhongguoshichangyemianlinzhemendianshuliangjianshao、yejixiahuadekunjing。

唯一的隐忧

beiaimashishaixuanguohoudehexinkehuzhongbuzaiyoucuiruodezhongchan。xiaohongshushangshenzhiyouduogetiezilaiweixiaofeizhezhilu，ruhezaizhongduohaowuxingjiabidepeihuozhongxuanchuxiangduiyoujiazhidedongxi，ciqihesijinchengweizuihaodepeihuodazi。

yibanlaijiang，aimashidepeihuozai1:2shenzhi1:3zhijian，muqianaimashideqijianchanpinconstance19daxianghuidejiageshi84000yuan，erzhenzhengderushoujiagezuidiyeyao168000yuan，buguogenjubutongmendian，yeyoukenengdadao200000yuan。

peihuojizhicunzaiyijiu，danyizhibubeiaimashigongkaichengren，ranercixiangzhidudechixuxingkenengyaodayigewenhaole。

2024nian3yuefen，aimashizaimeiguojialifuniyazaodaojitisusong，yuangaorenweiaimashizhishidianyuanliyongxiaolianggenghaodebaodailaiqiangpoxiaofeizhegoumaiqitachanpin，yuangaorenweizheiyoulongduanxianyi。

muqianaimashidetiaoxianyoujiaju、chengyi、peishi、xiangshui、zhubaoyijishoubiao，danzhangjiuyilai，aimashiguoyuqiangshoudebaodaiyuqitachanpinxiandechajuyuelaiyueda，lunwei“peihuo”dechanpinzaiershoushichangshangdebaozhidujiaodi，yibanhuibeiwuzhechushou。ruguopeihuozhiduwajie，zheixiepinleijiangmianlingengdadeweiji。

buguocongmuqianlaikan，shangshususonganjianjindujiangchi，fuzeshenpandefaguanyerenwei，aimashiwanquanyouquanjuedingruheyunyingqiyewu。erzaitongyishiqi，wangluoshangduiyuaimashigengrongyinabaodeyanlunkaishichuxian，peihuojiageyeyousuosongdong，kanlaidangxingyezengsufanghuan，aimashiweiyizuochutuoxiedejiuzhiyouzheiyisiduizhongchengxiaofeizhedeyoushan。

yuaimashixianggebuyuandeguccidiandejujiehuigaosukehu，“jiageyizhizhang，zaomaizaoxiangshou。”danduiyuaimashilaishuo，zhangjiabushiyaojizhegoumaidexinhao，ershigaosuyijingzai“yangma”dekehu，nimendejingzhengduishouyoushaoleyipi。