In case you missed them the first time around, here are some of Jing Daily’s top posts for the week of June 10-14:
In a move that reflects the fact that luxury hotel expansion in China is still ongoing and rapid, international Sheraton and St. Regis owner Starwood Hotels recently announced that it will be opening 20 new hotels in China this year with a total of “100 in the pipeline.” The company is not alone in its rush to expand on the mainland, but is rather one of many international hotel chains hoping to bank on a growing number of affluent Chinese travelers making their way around the mainland for both business and leisure.
With so many different forms of media in China, fashion brands must make a substantial investment in marketing and advertising, but these efforts often do not make the return on investment expected by the company. However, in the past three years, the appearance of social media has caused this situation to quietly change. The rise of social media channels such as Renren, Douban, Jiepang, Weibo, and more has given brands the opportunity to directly communicate with their target customers.
A few years ago, the concept of “accessible luxury” as a market mover in China was little more than a dot on the horizon. Today, the situation couldn’t be more different. Accessible luxury brands (and traditional luxury brands that have expanded into the accessible luxury sector) have seen significant growth marked by rapid and profitable retail expansion, increased e-commerce sales, a loyal following of new middle-class customers, and renewed interest and sales from older, wealthier “legacy” customers.
Consulting firm McKinsey & Company has just released a report on the explosive growth of China’s middle class and its effect on the country’s consumption patterns, and the numbers are remarkable–by 2022, more than 75 percent of China’s urban population will be making a middle-class income with purchasing power parity similar to the average incomes of Brazil and Italy.
As collector confidence in Chinese contemporary art continues to increase, works by big-ticket and emerging Chinese artists will be included in Sotheby’s upcoming June 26 and 27 auctions in London. The prominence of Chinese art at a London sale underscores the sustained value of Chinese art among global bidders, and points to Sotheby’s interest in attracting Chinese buyers to its sales outside Hong Kong.