Reports

    Jing Daily's China Luxury Brief: August 9, 2013

    China's homegrown beauty brands, the rise of SUVs, and Chinese spending on art are among today's top stories.
    Chinese luxury automaker Hongqi's concept SUV model.

    Chinese luxury automaker Hongqi's concept SUV model.

    BUSINESS AND FINANCE —#

    China's economy seems to be stabilizing.#

    "While we would not say that China is out of the woods yet, the recent rise in sentiment has been noticeable, and talks that economic growth will fall below 7 percent in 2013 now seems rather far fetched." (Reuters)

    CULTURE —#

    Chinese spending on art remains robust in 2013.#

    "The buyers are definitely there. They're bidding strongly." (China Daily)

    LIFESTYLE —#

    China's homegrown beauty brands are seeing a sales surge.#

    "Although international companies still filled China’s top 10 in 2012, local players Shanghai Jahwa, Jala Group and Jiangsu Longliqi weren’t far behind — ranking 11, 12 and 13, respectively, according to Euromonitor International." (WWD)

    China's passenger vehicle sales rose 10.5 percent in July.#

    Analysts believe the jump is mainly due to discounts offered to clear inventory, however. (Bloomberg)

    Two out of three Chinese tourists in Europe visit designer stores.#

    No surprise here. (Fibre2Fashion)

    Road cycling is becoming more popular in Hong Kong,#

    but it's not cheap. (Scene Asia)

    The SUV market is booming in China.#

    "For the first time ever, sport utility vehicles account for more than 20% of all market share by vehicle type in China." (Business Insider)

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