Overseas Purchasing Is Another Major Blow: Air Asia Will Refuse To Provide "Business Purpose" Baggage Checking Service For Passengers Flying To China.

Asiana Airlines Inc., the second largest airline in Korea, recently said that for safety reasons, it will no longer provide a "business purpose" baggage check-in service for passengers flying to mainland China and Hongkong for October 22nd.

Korean purchasing is one of the most common purchasing agents in China. Purchasing agents from Korea buy luxury bags and cosmetic products, and then sell them to Chinese consumers.

In recent weeks, Chinese customs have been able to see signs of strengthening border checks in social media.

According to the report,

The group's chief financial officer, Jean-Jacques Guiony, has confirmed in a telephone conference with analysts that the price of the group declined as China Customs strengthened border inspection for returned passengers in the near future.

"Customs are cracking down on travelers who bring luxury goods back to China.

When they return home, they will sell some commodities for profit, which will affect our sales in Beijing or Shanghai.

Customs may be more stringent after that. "

More stringent customs censorship has also increased concerns about the slowdown in Chinese consumer spending. At present, Chinese consumers contribute about 1/3 of global luxury purchases.

Affected by these factors, the French LVMH group,

The group, the US Michael Kors and Coach's parent companies such as Tapestry, and so on, all fell sharply in October 10th: LVMH dropped by 7.1%, the worst day since 2009, with Kering sliding 9.62%, Michael Kors 7.12% and Tapestry 8.93%.

In Asian stock markets, Prada dropped 10.5% in Hongkong in October 11th, the biggest decline in more than a year, while the Japanese cosmetics giant Shiseido (Shiseido) fell by 6.65%, the biggest decline since February.

(see: global stock markets are running cold, and major luxury stocks have fallen sharply).

Meanwhile, the Swiss watch industry has also been affected.

The report shows that Swiss watches exported 1 billion 700 million Swiss francs in September, down 6.9% from the same period last year, the first decline since April 2017.

(see: for the first time in a year and a half, Swiss watches exports fell 6.9% in September). Demand for watches and other luxury goods is slowing down in the next six months.

In this regard, Swatch group, Kai Yun and Lifeng group declined to comment.

However, Thierry Stern Stern, President of Patek Philippe, a Swiss luxury maker, has confidently stated that demand for Patek Philippe brands is rising all over the world. Demand in mainland China has steadily increased and sales are increasing every month.

And with concerns about more stringent border controls, Chinese consumers now prefer to buy goods at home.