研報掘金|中信建投:消費税潛在改革 有望利好免税價差
中信建投指出,消費税改革的方向總體利好免税理論價差,實際價格吸引力仍需考慮多渠道問題。高檔產品本身全渠道加價率較高,若消費税改革且高端奢侈品率先試點,預計明顯強化免税渠道價格優勢,有助於拉開免税渠道和其他渠道價差,但仍需視有税渠道各環節如何進行利潤分配和終端定價,以及整體競爭態勢對終端定價的影響,另外免税渠道消費因為仍存在出行半徑或出境壁壘的成本,而免税線上平台基本為完税商品的形式,故而具體對免税消費的拉動作用仍需觀察。
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