Chapter To Officially Launch At 2011 Luxury Market In China Summit In Shanghai
Founded in New York in 1994, the Luxury Marketing Council is set to launch its official mainland China chapter at the Luxury Market in China Summit in Shanghai on November 21. An invitation-only organization of more than 4,000 CEOs and CMOs representing more than 1,000 major luxury goods and services companies in 36 cities worldwide, the council brings luxury professionals together to explore best practices and critical issues and share intelligence on best consumer and market trends. Hosted by Steven Yao, president & CEO of the luxury media company Fortune Character, the Luxury Market in China Summit is set to bring together 400 government, academic, business and luxury market leaders at the Shanghai Expo InterContinental Hotel.
Kicking off the summit, keynote speeches will be delivered by Luxury Marketing Council partners such as founder and chairman Gregory J. Furman, Jessica Tu, chairman of the Luxury Marketing Council China, Savio Chan, president of US China Partners Inc., and Faye Dong, director of Austong International.
As Jessica Tu said this week, “Chinese luxury consumers are beginning to transform themselves into a new class of buyers that want to learn about the history, connotation and culture of the luxury brands,” adding, “We look forward to continuously educating and sharing the best practices of global luxury brands and helping to elevate Chinese consumers’ understanding about the meaning of a luxury lifestyle.”
According to Bain & Co, China is projected to be the world’s largest luxury market in terms of consumption within the next five years, with projected sales poised to reach 68.4 billion yuan (US$10.76 billion) this year alone, a 25 percent increase over 2010. However, as a still-young market, skilled home-grown luxury marketing professionals are still in relatively short supply. As an operations manager at a luxury mall in Chengdu recently told Jing Daily, “People who have a certain amount of work experience in the luxury industry…are very sought-after luxury talent among top luxury brands. China’s luxury market is growing rapidly, and sometimes the training process seems a little flimsy.”
As Luxury Marketing Council founder Gregory Furman said, “Since launching The Luxury Marketing Council over 17 years ago, our vision has been to help our members win greater share of wallet and loyalty from their best customers, over 10.4 million worldwide with assets of $1 million or more, through synergistic partnerships between kindred-spirit luxury brands.”
Topics to be discussed at the Luxury Market in China Summit on November 21 include “How to Cultivate Specific Brand Culture Catering to Local Consumers,” “How to Efficiently Build Brand Image and Grant to Consumers,” “What is the Ideal Retailing Solution for Variant Consumers?” and “How Do You Maximize CRM in a Niche Market?”
Luxury Market in China Summit
Shanghai Expo InterContinental Hotel
1188 Xueye Road, Pudong New Area, Shanghai