The gap between the prices for luxury handbags, watches and jewellery in Europe and in China is the biggest it has been for three years, as weakness in the euro upsets global pricing strategies for high-end consumer brands.
奢侈品手袋、手表和珠宝在欧洲和中国的价差是3年以来最大的，欧元疲弱扰乱了高端消费者品牌的全球定价策略。
Currency swings mean a Chinese consumer would save 39 per cent on luxury goods by flying to Paris instead of buying at home, compared with a saving of 26 per cent last year, according to analysts at Bernstein.
伯恩斯坦(Bernstein)分析师们表示，汇率波动意味着中国消费者到巴黎、而不是在国内购买奢侈品将会便宜39%，而去年的价差是26%。

The widening difference is a headache for watchmakers such as Patek Philippe and fashion house Chanel, which have been forced to risk irritating customers with price changes in an effort to clamp down on the secondary, or “grey”, market in luxury goods.
价差日益扩大令百达翡丽(Patek Philippe)等手表制造商和时尚品牌香奈儿(Chanel)感到头疼，这些奢侈品品牌冒着得罪客户的危险调整价格，以便打压二手（即“灰色”）奢侈品市场。
While greater savings would benefit consumers in many areas of retail, in the luxury area they represent a danger that the brand is seen as devalued.
尽管降价在许多零售领域将让消费者受益，但在奢侈品领域，它们代表着该品牌被视为贬值的危险。
Mario Ortelli, an analyst at Bernstein, said: “If you increase the price [to deal with currency movements], fine. The customer is relieved and happy to have bought it before the increase. If you decrease it, they feel ripped off.”
伯恩斯坦分析师马里奥•奥尔泰利(Mario Ortelli)表示：“如果你提价（来应对汇率波动），那还不错。顾客为自己在提价前买下产品感到欣慰和得意，但如果你降价，他们会觉得上当了。”
Luxury products have historically been cheaper in Europe than countries such as China, where import taxes increase their cost, encouraging middlemen who arbitrage between the regions.
奢侈品在欧洲的售价历史上一直低于中国等国，后者的进口关税增加了奢侈品牌的成本，从而催生了从事两地套利的中间人。
However, recent volatility in currency markets has exacerbated the price differential, with a Louis Vuitton Speedy 30 bag now 61 per cent more expensive in China than across mainland western Europe, according to Bernstein.
然而，近期的汇率波动加剧了价差，伯恩斯坦的数据显示，路易威登(Louis Vuitton)的“Speedy 30”手袋在中国的价格比西欧国家贵61%。
As of March this year, luxury handbags were on average 45 per cent cheaper in France than in China, compared with just 32 per cent last year, and luxury watches were 33 per cent cheaper, against 21 per cent.
就今年3月来说，奢侈品手袋在法国的售价比中国低45%，而去年的这个差价是32%，奢侈品手表在两地的价差是33%，去年是21%。
In the same month, the euro fell to a near 12-year low against the dollar on the back of the European Central Bank’s 1.1tn quantitative easing programme.
在同一个月，由于欧洲央行(ECB)推出1.1万亿欧元的量化宽松计划，欧元兑美元汇率跌至近12年来的最低点。