國際奢侈品牌的那些"骯髒小祕密"

The dirty little secret among luxury-goods companies is that they have been persistently overcharging their best customers in China.
國際奢侈品牌在中國有個“骯髒小祕密”：中國人已經成爲它們最好的顧客，但它們卻一直多收中國人的錢。

With Chinese appetite for everything from expensive cars to handbags is starting to moderate, companies that count on the country as a big growth driver may have to do the unthinkable and lower their prices.
隨着中國人對於從豪華車到高價手提包的興趣開始縮減，那些把中國當成最大成長市場的公司可能不得不做他們之前無法想象的事情──開始降價。

A comparison of three models from Mercedes-Benz, Audi and BMW shows that, on average, listed prices of luxury sedans in China are 64% more expensive than similar vehicles sold in the U.S. This looks counterintuitive, considering goods made in China are supposed to be cheaper.
比較一下奔馳、奧迪和寶馬三個型號的車的價格可以看到，豪華轎車在中國的價格平均要比同類型車在美國的價格高64%。這有點讓人感到匪夷所思，因爲“中國製造”本是廉價的代名詞。

The listed price of a Mercedes C-Class in China starts at $57, 120, or 62% higher than in the U.S. Similarly, locally made Audi A4 and BMW 3-Series are 54% and 76% more expensive in China, according to Bernstein Research. The gap is even bigger when it comes to imported vehicles.
奔馳C級車在中國的售價是5.7萬美元，比美國同類車的價格高62%。根據美國研究機構Bernstein的研究，在中國本土製造的奧迪A4和寶馬三系比美國賣的同類車的價格要分別高出54%和76%。如果是進口車的話，那價差會更大。

The makers of the three cars argue vehicles in China include more features. But that alone may not explain the price difference.
汽車公司稱，在中國賣的車價格更高是因爲配置更齊全。中國的汽車價格還包括了消費稅和增值稅等稅收，而美國賣的車沒有這兩樣稅。但就算把這些稅都刨掉，這三輛車在中國的售價也還是比在美國高37%，這不能完全用更好的配置來解釋。

The high base factor—cars sold in China used to be even more expensive before the country joined the World Trade Organization and started to make cars at home—has bought foreign auto makers time. They had little incentive to lower prices, since demand was so overwhelming. Customers used to have to pay extra if they wanted to get their car early.
在中國加入世界貿易組織和在國內生產合資車以前，車價更高，外國車商也沒什麼動力降價，因爲過去需求實在是太旺盛了。消費者過去要想早點拿到車，還要給加急費。

But that is changing now. There are more models available, and demand has softened. This year may be the turning point. Total sales of Audi, BMW and Mercedes in China rose just 6% in the first quarter, compared with 25% in the fourth quarter. BMW said at the Shanghai auto show it expects China sales growth in the upper single digits, after a 40% jump in 2012.
但現在這個情況有所變化。市場上有更多的車型，而需求開始疲軟。今年可能就是轉變的開始。今年一季度，奧迪、寶馬和奔馳在中國的銷量增長6%，比去年四季度的25%明顯放緩。寶馬公司在上海車展時表示，在去年大增40%後，預計今年中國區的銷售增長在5%-10%之間。

'The risks of a price war in China are building, ' said Max Warburton, Bernstein's auto analyst. 'Too many companies are dependent on China right now. Price competition would intensify if sales continue to grow at the current pace.'
Bernstein的汽車分析師Max Warburton認爲：一場中國價格戰正在醞釀之中，太多公司依賴中國市場，如果銷售繼續按照現在的速度增長，價格競爭會更激烈。

Fashion companies face the same pressure. LVMH shares dropped recently after the company said China sales were 'flattish' in the last year or so. The way to win back price-sensitive Chinese consumers, who are serious bargain hunters even when they shop for a $2, 000 bag, may just be lower prices.
服裝企業也面對相同的壓力。路易威登（LVMH）最近表示過去一年在中國的銷售業績平平之後，股價應聲下跌。中國客戶對價格相當敏感，就算他們買一個兩千美元的皮包時也是這樣，降低價格是爭取他們的辦法之一。

Luxury-goods makers have always been reluctant to be forthcoming about pricing. But the surge in Chinese overseas travelers has made it harder to keep a secret. The same Gucci Joy Boston handbag was 54% more expensive in China than in France in 2009. The premium widened to 62% in 2012, according to European broker Exane BNP Paribas, even though an appreciating yuan should have made imported goods cheaper.
奢侈品公司一直不願意讓標價完全透明，但中國海外遊客的增長，使得他們越來越難以保守價格的祕密。根據法國巴黎銀行（Exane BNP Paribas）的調查，2009年同樣一款古琦(Gucci) Joy Boston的包在中國的價格要比在法國高54%。而這個溢價在2012年擴大到62%，儘管人民幣升值應該讓進口產品變得更便宜。

Traditionally, leather and fashion prices are 50% higher in Asia than in Europe. Gucci said the price difference is mainly due to taxes, duties, transportation and currency fluctuations, but those differences explain just 70% of the price differential, according to Luca Solca, Exane's luxury-goods sector head. Mr. Solca said he wouldn't be surprised if the premium narrows more in response to slowing demand growth.
一般來說，皮革和時尚產品在亞洲要比歐洲貴50%。古琦說這個差別主要是因爲稅收、運輸和匯率變化。但巴黎銀行的奢侈品研究主管Luca Solca認爲，這些只能解釋70%的價格差別，如果銷售增幅繼續下滑，這個溢價很有可能縮減。

Some companies have started to narrow the price gap to entice consumers to shop at home more. The differential between Beijing and Paris for Louis Vuitton products fell to about 30% this year from 50% in 2012, the company said.
有些公司已經開始減少溢價，以吸引消費者更多留在中國國內消費。比如路易威登在北京和巴黎的價格，就從去年50%的溢價，下降到今年的30%左右。

Luxury goods sold in Japan used to sport a premium, too, but that has shrunk as demand slowed, said Aaron Fischer, head of consumer research at CLSA. The 'Japan premium' on the Louis Vuitton Speedy 30 handbag was cut in half in the past three years to 24% in 2012, according to Exane BNP Paribas.
里昂證券（CLSA）的消費研究主管Aaron Fischer指出，奢侈品公司過去在日本也有溢價，但隨着需求疲軟，溢價開始縮減。根據巴黎銀行的數據，在過去三年內，路易威登的Speedy 30手提包的“日本溢價”縮小了一半至24%。

Lower prices in luxury-goods makers' most lucrative market will bring pain. A 10% price cut for Mercedes, Audi and BMW means profit per car sold in China will be a third lower, assuming production costs in China are the same as elsewhere in the world.
在奢侈品生產商利潤最豐厚的市場降價，會給他們帶來痛苦。如果奔馳、奧迪和寶馬的車價下降10%，同時假定在中國製造車的成本和其他地方一樣，那麼他們在中國銷售每輛車的利潤將下降三分之一。但從長遠來說，爲了自己的品牌、投資者和客戶，奢侈品公司最好還是向現實低頭。