Welcome to Jing Daily’s China Luxury Brief: the day’s top news on the business of luxury and culture in China, all in one place. Look below for the top industry news from February 4, 2014.
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Shanghai Shoppers Leave New Yorkers In The Dust For Luxury Buys
“In the last 12 months, the firm’s survey of 975 shoppers in Shanghai and 922 in New York found that Shanghai residents spent an average of $1,000 on their last purchase—an amount twice that of New York’s $500. In addition, 91 percent are planning to do so again in the next six months compared to 77 percent in New York, with plans to spend 66 percent more than New Yorkers for the same purchase.”
China’s New Year Banquet Slump Has Hotels Hawking Mid-Range Feasts On Social Media
“As the anti-graft measures carry through into the Chinese New Year party season, many luxury hotels are continuing this strategy with Chinese New Year social media marketing of holiday buffet-style dinners aimed at upper-middle class families.”
What we’re reading:
“Tourists like Ms. Mao are part of a growing wave of newly affluent Chinese taking advantage of more direct flights to the shopping capitals of Europe. The Lunar New Year holiday is now underway, a time when a big part of the 110 million Chinese expected to travel abroad this year will be packing their bags — and their wallets — for luxury expeditions.”
“Imports, meanwhile, nearly tripled to 1.1m vehicles, driven by strong demand for luxury vehicles. While China exports more cars to Algeria than any other country – with its next biggest markets being Russia, Chile and Iran – the largest source of its own automotive imports is Germany.”
Women Are Now Taking Over Luxury Shopping In China
“Targeting female shoppers on the appropriate mediums – microblogs, mobile apps, company websites – will also boost exposure, for a demographic that prefers to be well-informed before purchasing items, Bain said.”
Will Apple Find Enough Consumers In China To Buy Its iPhone?
“The iPhone may lead on style and design innovation but it is 2.5 to 6 times more expensive. With the unsubsidized iPhone 5s priced at $870 and the 5c at $738 in China, Apple will need help from its partner China Mobile and will also need to spend heavily on market development to break out of China’s luxury segment.”
Huge Market Potential For Senior Tourism
“’The market for tourism for elder has a lot of potential. but now it has some problems. Seniors are easy to be attracted by false advertisements, as well as slogans of some agencies. They are also physically weaker than other groups, which means travel agencies should have higher service standard for them,’ Prof. Liu Junhai, Sch. of Las of Renmin Univ. said.”