Jing Daily’s China Luxury Brief: January 10, 2014

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 stories for January 10, 2014.

1. Chinese New Year Tourists Ditch Thailand’s Protests For Bali’s Beaches

Denpasar Beach, Bali. (Shutterstock)

Denpasar Beach, Bali. (Shutterstock)

“Thailand’s economy received an estimated $140 million from Chinese travelers during Chinese New Year last year, but it looks like it won’t reach near that amount this year. Thailand’s tourism and sports minister has expressed concern about the decreased number of Chinese tourists for the holiday, and one tour operator told Chinese media that the number of Chinese tourists booking before Chinese New Year has gone down by 70 percent.”

[Jing Daily]

2. China’s Fosun Evolves On Buffett Trajectory

Club Med in Guilin. “The Shanghai-based conglomerate has also made a name for itself by investing in luxury brands abroad, including Greek jeweler Folli Folli Group and French hotel chain Club Mediterranee.”

[China Real Time]

3. China’s Crackdown On Conspicuous Consumption Hasn’t Slowed Down Rolls-Royce


“If you’re a super-rich Chinese entrepreneur thinking of buying a luxury car, Rolls-Royce has a new special option for you. Even more than in other markets, China’s mega-rich rely on chauffeurs. ‘Hardly any customer is driving the car him or herself,’ says Henrik Wilhelmsmeyer, China director for Rolls-Royce Motor Cars.”


4. China Edges Out US As BMW’s Biggest Market On 2013 Sales


“More and more Chinese consumers are buying luxury cars from BMW, Audi and Mercedes-Benz as they get richer and seek more exclusivity, shrugging off the negative impacts from the anti-extravagance campaign initiated by President Xi Jinping last year.”



5. 4 Businesses Set To Win Big With China’s 100 Million Tourists In 2014

Hoteliers such as the Peninsula, which offers special Chinese New Year packages globally, are set to benefit from a growing number of tourists. (The Peninsula)

“A new report by the Tourist Research Center of the Chinese Academy of Social Sciences released yesterday confirmed that China’s massive number of outbound tourists became even bigger in 2013, with 97 million traveling abroad. This number surpassed last year’s mark by 14 million people, and caused Chinese tourists to comprise 75 percent of overseas travelers in Asia and Europe, according to the report. In addition, the number is expected to climb above 100 million in the coming year.”

[Jing Daily]

6. Luxury Yachtmakers Sail Into China

One of Sunseeker's iconic superyachts.

“Yacht sales in China are set to grow 13 percent from 2012 to 2017, according to a report by TechSci Research. Added to the fact that the number of Chinese with wealth of more than $500 million is expected to increase from 1,500 at the end of 2013 to 2,300 by 2017, according to Ledbury Research, the world’s second largest market is an attractive place for yacht builders.”


7. Swatch Sees Double-Digit 2014 Growth As China Improves 


“Swiss watchmakers sold less in China last year after the government cracked down on illegitimate gift-giving of luxury items, but Swatch – whose brands range from the cheap plastic watches which gave the group its name to pricey Omega and Breguet timepieces – has fared better than rivals.”


8. Social, Psychological Factors Fuel Chinese Thirst for Materialism

A scene from Louis Vuitton's Shanghai Maison opening in 2012. (The Clothes Whisperer)

“To show off their success, the country’s super rich is consuming a large amount of luxury goods. According to the latest study by US consulting giant Bain & Company, Chinese consumers have become the No. 1 buyers of luxury goods, with one-third of luxury goods worldwide purchased by Chinese.”

[Women of China]

9. Chen Guangbiao’s Business Cards, Not Cash, Make Waves In New York


“The card introduced Mr. Chen as an odd sort of accessible Chinese nobility. It described him as ‘The Most Influential Person of China,’ among other titles, providing his email address and mobile phone number.”

[China Real Time]