Welcome to Jing Daily‘s Weekend Sound Bites: a rundown of what industry influencers were saying about the week’s top stories on the business of luxury and culture in China.#
—FRIDAY, 8/8 —#
"In recent years we witnessed an explosion of demand for luxury goods and items that communicated wealth and status to all around. Now, we are seeing a general dissatisfaction with this 'borrowed' expression of self and a move towards a more unique and authentic image.”
- Vilislava Petrova, head of content for Asia-Pacific of fashion trend forecasting service WGSN, commenting on the Asia region’s maturing tastes toward individualized expression. (SCMP)
—THURSDAY, 8/7 —#
“Investors didn’t expect the monthly mass market growth to be the slowest in years.”
- Alison Law, head of consumer research at Daiwa Securities Co. Ltd., commenting on lackluster growth in Macau's casino market. (Bloomberg)
—WEDNESDAY, 8/6 —#
"The purpose is to maintain a sound competitive order in the auto market and protect consumer interest.”
- Li Pumin, China's National Development and Reform Commission (NDRC) spokesman, announcing in a press conference on why the Chinese government is “punishing” Audi and Chrysler for monopoly behavior. (Reuters)
— TUESDAY, 8/5 —#
"Thanks to rising income levels and travel, Chinese consumers are becoming more adventurous, demanding and cosmopolitan. A crackdown on corruption has also led to a shift away from conspicuous luxury towards the experiential."
- David Brooks, president of Coca-Cola’s greater China and Korea business unit, explaining how a shifting Chinese tourism scene can spell good news for Irish travel agencies targeting China. (Irish Times)
— MONDAY, 8/4 —#
“I think it’s going to come back… These are guys who are going to buy top-end wines, and that will continue.”
- Michael Clarke, Treasury Wines’ new chief executive, on his optimism about affluent Chinese wine aficionados’ willingness to continue purchasing expensive wines despite the ongoing anti-corruption crackdown. (Businessweek)