【英文】HSBC报告：亚洲人口结构大转变背后的投资机会：老龄化、空巢青年和女性的未来（60页）

Spending patterns across Asia are changing significantly, partially driven by what’s happening  in Asian households. Household sizes are falling and the number of those that work is rising, in  particular as women increasingly enter the workforce. That means more income for each  household, with fewer people in it, leaving consumers better off and able to ‘trade up’ on items  from beer to sports clothing. This is particularly the case in China, with the rise of ‘emptynesters’ – couples with adult children residing elsewhere – who have money to spend.  According to data from Global Demographics, spending on clothing and footwear by affluent  households2 in China increased at a CAGR of 26.3% in 2007-17, reflecting an increase in both  the number of affluent households as well as spending per household. In fact, Chinese already  contribute more than a quarter to the world’s spending on luxury items, according to McKinsey.  However, that’s expected to rise even higher between 2020e and 2025e as more than c65% of  additional luxury spending in the world is expected to come from China.

Since most of their luxury purchases occur abroad, China’s government is trying to lure this  consumption back home by enlarging the domestic duty-free (DFS) market. A number of  measures have been announced, including an increase in offshore duty-free allowances at  Hainan Island to support the domestic DFS market. This is also a big theme in Korea. Duty-free  sales in Korea are typically driven by daigous (Chinese buyers who purchase items abroad for  re-sale at home at a discount), especially since 2017.  Going indigenous When it comes to the designer brand industry, Chinese consumers are shifting from  ‘ostentatious’ logos to niche brands and bespoke products. Moreover, the improving quality,  design, and brand power of domestic brands have drawn increasing attention from Chinese  consumers. The successful debuts of Chinese fashion brands Li-Ning and Peace Bird at the  New York Fashion Week in February 2018 suggests that designs incorporating traditional  Chinese elements are coming into the fashion limelight.