和讯网消息 连日来，澳门博彩业渐失活力、奢侈品市场趋冷、旅游季打折等等消息，充斥于各大海外媒体。这些海外媒体均认为，中国经济的下滑是造成这些现象的主要原因。

HeXunWang news in recent days，The macau gaming industry gradually lose energy、The luxury market is cold、Tourism season on sale and so on news，In the outside with the media。These overseas media both think，China's economic downturn is the main reason for the cause these phenomena。

　　然而，和讯网调查得知，这些高端消费品市场萎缩的元凶，并非中国宏观经济的下滑：亚洲其他市场分摊了澳门博彩市场；即便在宏观经济下滑的情况下，中国全年的旅游总收入仍然将增长17%；而中国奢侈品市场容量很大，绝对量在增加。

however，That HeXunWang survey，These high-end consumer goods market collapse of the culprit，China is not the macro the slowdown in the economy：Other Asian market share the macau gaming market；Even in the macro economic downturn，China's annual total tourism revenue still will increase by 17%；And the Chinese luxury market capacity is very large，In absolute terms will increase。

　　中国奢侈品市场绝对量在增加 China's luxury market in absolute terms will increase

　　大陆消费者曾排长队在香港购买奢侈品的景象不再。香港5月份销售额同比增长8.8%，至46亿美元，为自2009年9月以来增速最慢的一个月。

China has long lines in Hong Kong consumers buy luxury picture no longer。Hong Kong sales year-on-year growth of 8.8% in May，To $4.6 billion，For since September 2009 the slow growth of a month。

　　海外媒体据此报道称，这是由中国内地经济放缓造成的。但财富品牌研究院院长周婷7月18日接受和讯网连线却认为，奢侈品消费的萎缩现象，是因为部分购买力转移到了欧美。七月份是欧洲传统的打折季，机票也相对便宜，去香港买，不如到欧洲、美国买，选择的品类和价格等方面更优惠。

According to the overseas media reports，This is from mainland China a result of slowing economy。But wealth brand research institute President ZhouTing July 18, HeXunWang accept was that attachment，Luxury consumption atrophy of the phenomenon，Because part of the purchasing power shift to Europe and the United States。July is the European traditional sale season，Ticket is relatively inexpensive，To buy Hong Kong，As to Europe、The United States buy，Select the category and more favorable price, etc。

　　“这也正是眼下一线国际品牌放下身段自愿降价的原因所在。一般欧洲的打折季是一月和七月，但中国消费者一直没有享受到这个优惠。今年来看，这种趋势开始出现。”周婷对和讯网说，“我觉得这一个好消息，让我们中国消费者足不出户也能够享受到价格的折扣和优惠。”

“This is the first international brand figure voluntary price breaks down the reason。General European season is January and July at a discount，But Chinese consumers have been have enjoyed the preferential。This year to see，This trend began to appear。”ZhouTing to HeXunWang said，“I think it a good news，Let us Chinese consumers never leave home to enjoy it to the price discount and preferential。”

　　周婷强调，首先要澄清一个误区，中国奢侈品的购买力并没有下降：一方面，中国上半年宏观调整力度较，影响了消费者的消费信心，尤其涉及到大宗消费时，都相对谨慎；另一方面，今年上半年整个中国奢侈品市场是一个多事之秋，很多奢侈品牌曝出的负面消息严重影响了消费者对奢侈品的消费信心。

ZhouTing emphasize，First to clarify an error，The purchasing power of the Chinese luxury did not decline：On the one hand，In the first half of China's macroeconomic adjustments more，Affect consumer spending confidence，Especially involving large consumption，Are relatively cautious；On the other hand，In the first half of this year the Chinese luxury market is a matched，Many luxury brand to expose the negative news serious impact on the consumer to luxury consumer confidence。

　　“现在出现了奢侈品的心理恐慌，导致奢侈品市场增长的放缓，购买力显现出来的放缓。但这个我认为是一个阶段性调整，随着整个中国经济形势的好转，特别是十八大以后，各种经济政策相对稳定，商业政策相对稳定，我想市场会逐渐好转。”周婷认为，虽然增速放缓，但整个中国奢侈品市场的容量很大，绝对量在增加。

“Now there is a luxury psychology panic，The luxury market growth to slowdown，Purchasing power show slowdown。But this I think is a gradual adjustment，With the improvement of the economic situation in China，Especially after 18 large，All kinds of economic policy relatively stable，Business policy relatively stable，I think the market will gradually improving。”ZhouTing think，Although growth is slowing，But the Chinese luxury market capacity is very large，In absolute terms will increase。

　　旅游业全年收入有望增长17% Tourism revenue is expected to increase by 17%

　　中国旅游研究院发布的2012年上半年旅游经济运行分析和下半年趋势预测报告指出，上半年受国内经济趋势性下滑及世界政治经济形势不稳定的影响，我国旅游市场与产业增速同步放缓，三大旅游市场呈现“两升一降”格局。但是，报告仍然预计，全年旅游经济仍然会呈现增长态势，增速将低于去年同期，全年旅游接待总人数将超过30亿人次，旅游总收入约为2.54万亿元。

Issued by the China institute of tourism in the first half of 2012 tourism economy operation analysis and the second half of the trend prediction reports，By domestic economic trend in the first half and the world political and economic decline situation is not stable effect，Our country's tourism market and industry growth slowdown in sync，Three big tourism market appear“Two liters a drop”pattern。but，The report is expected to still，Annual tourism economy still can present trend，Growth will be lower than the same period last year，Annual total tourism will be over 3 billion people，Total tourist income of about 2.54 trillion yuan。

　　产业方面，旅游企业经营业绩下降，投资局部偏热，高端旅游开始受到关注。第一、二季度旅游产业景气指数处于“较为景气水平”，较去年同期略有下降。二季度，饭店业出现景气下降，利税金额、预订人数等景气指标降幅最大。而旅游投资维持高位增长，大量企业投资高星级酒店、高端旅游综合体和高尔夫等“三高”项目。值得警惕的是，以旅游地产投资为主的旅游经济风险被不断推高。

industry，Tourism enterprise business performance decline，Investment local partial hot，High-end tourism began to attention。The first、In the second quarter of confidence in the tourism industry“More business level”，A slightly lower than the same period last year。In the second quarter of，Hotel industry boom down there，Profit tax amount、The number of book boom index dropped most。And tourism investment maintain high growth，A large enterprise investment high star hotel、High-end tourism complex and golf“Three tenors”project。Alarmed is，Real estate investment in tourism as main tourism economic risk is constantly pushed higher。

　　国信证券维持板块“谨慎推荐”投资评级。其分析称，即使在宏观经济下滑等不利因素的影响下,我国旅游总收入仍然能增长17%,尤其考虑到今年以来通胀回落的影响,旅游收入实际增速与去年同期增速差异较为有限,说明行业整体仍能保持良好景气,较其他周期性行业相对优势也较为明显。

Maintain plate expressed securities“Cautious recommend”Investment rating。The analysis said，Even in the macro economic slide under the influence of such negative factors,Total tourism revenue in China can still increase of 17%,Especially considering the effect of inflation back this year,Tourism revenue growth over the same period last year and the actual growth is relatively limited difference,The whole trade that can still keep good boom,Better than other cyclical industry relative advantage also more obvious。

　　澳门博彩市场被亚洲其他地区市场瓜分 The macau gaming market is other Asian region divided up the market

　　澳门政府公布,6月博彩收入为233.34亿澳门元,较上年同期增长12.2%,恢复双位数成长。澳门博彩监察协调局日前在网上公布,当地累计1-6月博彩收入为1,241.26亿澳门元,较上年同期增19.8%。澳门5月博彩收入年增长率放缓至单位数的7.3%,为2009年7月有统计数据以来最慢增长。

The macau government announced,June gambling revenues for 23.334 billion m,A 12.2% year-on-year increase,Restore double digit growth。Macau's gambling supervision XieDiaoJu has published on our website,Local accumulative total 1-June gambling revenues for 1,24.126 billion m,Over the same period increased by 19.8%。Macau gambling revenue growth may slow to 7.3% of the number of units,For 2009 years July statistics since the slow growth。

　　有海外媒体报道认为，博彩业增速放缓的主要原因是市场规模已非常庞大（去年澳门博彩业营收规模已相当于拉斯维加斯的7倍），以及中国大陆的经济增长放缓。

Overseas media coverage，The gaming industry slowdown in the main reason is the size of the market has very big（Macau gambling revenue last year the scale of Las Vegas has seven times the equivalent），And China's economic growth。

　　另有分析称，引发担忧的还有其他因素，包括中国大陆赌客赴澳门旅游可能面临新的限制措施，以及行业内部竞争不断加剧。

Another analysis says，Cause concern and other factors，Including mainland China tourism could face in macau gamblers new restrictions，And increasing competition within the industry。

　　此外，随着亚洲其他地区赌场纷纷出现，也部分分流了澳门市场的客源。比如，去年新加坡两大博彩度假村的营收规模即与拉斯维加斯相当。菲律宾则沿马尼拉湾建起了一个大型博彩区。7月7日，台湾一个岛屿的居民投票通过政府在当地修建赌场计划。

In addition，Along with the rest of Asia casinos have been appear，Part of the market shunt passengers。For example，Last year two Singapore gaming resort's revenue is a Las Vegas and scale。The Philippines is along the Manila bay built a large gaming area。July 7，Taiwan residents of an island voted in the local government to build a casino plan。