Article Highlights Shanghai's Luxury Market#
Monocle, Oct 2011
Jing Daily makes our second appearance in the London-based "briefing on global affairs, business, culture & design," Monocle magazine this month. In the article "Rich Pickings" in the October 2011 issue, writer Justin Bergman starts off with the preface:
Well-off Chinese consumers cannot get enough of luxury goods. But as the market matures, brands need to work harder to attract an increasingly sophisticated shopper. And what about those empty stores?
Looking at the gradual opportunities appearing for smaller, boutique luxury brands as the big players put more of their effort in inland markets, the article quotes Jing Daily's editor on the greater selection that major luxury brands have had to offer as mainland Chinese consumers have demanded inventory on par with Hong Kong -- even though Beijing or Shanghai shoppers might still prefer to buy their luxury goods in the duty-free haven. Jing Daily also comes up in the article's section on the changing tastes of top-tier consumers. As our editor notes, increasingly discerning consumers in these cities "don't want to be associated with a brand that has 600 locations nationwide...[which] should make the major brands concerned. They need to have special collections that are very exclusive [and] need to take care of their VIPs."
Wrapping up, we go into some of the opportunities now presented to smaller and independent labels, mentioning Shang Xia, the Hermes-supported "made in China" luxury brand that is eying expansion into Paris next, adding, "if a Chinese tourist saw [Shang Xia] in Paris, it would do better in China." Look for our interview of Shang Xia's CEO and artistic director, Jiang Qiong'er, tomorrow on Jing Daily.
The October 2011 issue of Monocle magazine is on newsstands now, and can be found at Monocle shops in Tokyo, Hong Kong, London, New York and Beijing.
Jing Daily in Monocle magazine