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 3, 2014.#
1. China’s Masstige Market Heats Up As Luxury Cools#
Chinese model Liu Wen in an ad for Coach. (Coach)
“China’s crackdown on official luxury gifting has made a major dent in the market’s growth this year, but according to Chinese media, more accessible consumer goods are doing just fine.”
2. China’s Reform Plans Could Put A Big Dent In Macau’s $45 Bln Casino Business#
"Macau’s casino business—which includes hedge fund faves Las Vegas Sands and Wynn Resorts—continued to trounce the competition in 2013, pulling in 361 billion Macau patacas, or $45 billion, up almost 19% on 2012. The Las Vegas Strip, by comparison, is on track to bring in less than 15% of that total—just over $6 billion.”
[Quartz]
3. China's New Tourist Prefers Going Solo#
"Though organized group tours remain dominant for outbound travel, there’s a new wave of intrepid travelers coming down the pipeline who are younger, richer and yearning for unique experiences. Sabrina Zhang, a 30-year-old marketing professional from the port city of Tianjin, fits the profile. After being shepherded across Thailand for two weeks during the Lunar New Year in February, China’s busiest travel period, Zhang vowed to never step foot on another tour bus again."
[WWD]
4. China To Carry Out Spot Checks On Officials' Asset Declarations#
Xi Jinping is pursuing heavy measures to crack down on luxury consumption by officials.
"China will begin conducting spot checks this year on assets and other personal information reported by officials to the ruling Communist Party and punish those with hidden wealth, state media reported."
[Reuters]
5. Do I Make Myself Clear? China's Young Fashionistas Mobilize#
Bomoda's new social sharing site. (Bomoda)
“Their conversations endorse and sway each other's choices and purchases. And while luxury brands were once reluctant to join the conversation, Chinese social media is now a non-negotiable priority of any marketing plan worth its gilt chain."
6. China's Luxury Wedding Industry Gets Creative To Meet Higher Expectations#
To woo the increasingly affluent young couples, businesses are coming up with more exotic itineraries, such as taking that special wedding photo in the South Pole for a whopping US$100,000.
7. Costume National Launching New Line#
"The first Costume and Costume boutique will open in Nanjing, in Eastern China, in February. 'It will show a new concept specifically designed for the brand,' Capasa said. 'It will have an unfinished, minimal and sleek look, evoking an art gallery.'"
[WWD]
8.#
Master Con Woman Who Scammed Beijing's High Society#
Written testimonies from her trial, obtained by The Telegraph, lay bare the gilded life of modern Beijing, filled with intoxicating greed for luxury apartments, fast cars and designer clothes.
