HSBC 7 月 26 日报告。
　　What is the ideal price gap between markets？Some consumers will say there should beno price gaps at retail.More pragmatically in our view there is a case to make that pricegaps should only reflect the differences in taxation and notably VAT.Early 2015，theluxury sector saw an average 60% premium on prices in mainland China relative toFrance or Italy and so price arbitrage was logically a big driver of growth in ContinentalEurope.In our latest Luxury Pricing Barometer（see following pages），that premium is22%，a lot more palatable for Chinese consumers and almost fair，given China VAT.Wefeel it is likely that luxury managers are happy with price points as they are today with onlya few exceptions（US and UK a bit low；Singapore，Dubai likely as well）.