China’s wealthy female tycoons: three perspectives

Today is International Women’s Day. With the complex tapestry of luxury consumption in China tied to the country’s successful women, we unravel the narratives of three successful businesswomen who indulge in luxury, fashion, and beauty: Hayley Dai, Marina Yang, and Dong Xuemin. Amid economic fluctuations and a societal shift in values, these Chinese individuals offer rare insight into the nuanced world of luxury, revealing a landscape marked by changing preferences, authenticity, and a quest for enduring value. Hayley Dai: Navigating luxury with pragmatism Hayley Dai, 37, is a pioneering entrepreneur in Chengdu’s vibrant creative landscape. As the founder of an event planning company, Dai maneuvers through the complexities of luxury consumption with elegance and pragmatism, backed by an annual salary ranging from 2 to 3 million RMB ($278,000–$417,000). Amid China’s economic fluctuations, Dai keenly observes a shift towards more conservative spending habits among consumers, particularly in her hometown. “Luxury stores in Chengdu are seeing a general downgrade in consumption,” she notes, highlighting the friendlier demeanor of sales staff and the increase in promotional events aimed at boosting sales. In response to the changing economic climate, Dai has adopted a nuanced approach to luxury consumption, prioritizing quality over quantity. “I’ve reduced the quantity of purchases but increased the focus on quality,” she adds. “When it comes to luxury goods, I don’t play favorites with brands,” Dai shares, emphasizing her eclectic taste. “Each brand has its own vibe and standout products.” Her affinity for watches shines through as she mentions Jaeger-LeCoultre, Rolex, and Patek Philippe among her top picks. “Hermès is my go-to for shopping bags,” she adds with a grin. Dai’s choices aren’t merely about status symbols; they’re rooted in quality and long-term value. “I'm past my twenties,” she quips. “I'm not chasing every trend anymore. I want pieces that stand the test of time.” “I'm past my twenties. I'm not chasing every trend anymore. I want pieces that stand the test of time.” Dai also emphasizes the importance of financial prudence during uncertain times. “I appreciate rituals and rewarding myself for hard work, but during this International Women’s Day, I don’t plan on splurging," she states. In Dai’s view, International Women’s Day no longer holds the same ceremonial significance it once did in driving luxury sales. “Those who truly understand and appreciate luxury have already integrated it into their lives,” she notes, indicating that genuine luxury aficionados don’t need a specific holiday to celebrate their lifestyle. Marina Yang: Cultivating sophistication in luxury purchases Marina Yang is co-founder of a well-known wedding dress boutique in Hangzhou, China. She commands an annual salary of 8 million RMB ($1.1 million). From her well-adorned top-floor store, the 37-year old shares her nuanced perspective on luxury consumption in China. “I aim to curate a collection of timeless pieces that not only reflect my personal style but also hold their value over time,” Yang says, emphasizing quality over quantity. Yang shares that she allocates over a million RMB ($139,000) towards luxury purchases each year. She elaborates on her preferred brands: “I gravitate towards classic labels such as Hermes, Chanel, and Louis Vuitton, as well as esteemed jewelry brands like Boucheron, Buccellati, and Bulgari.” Reflecting on her motivations for luxury acquisitions, Yang emphasizes the significance of a brand’s narrative. “I’m particularly drawn to brands with compelling stories that resonate with my own values and aspirations.” Regarding the current economic environment, she acknowledges a shift in luxury consumption in China. “Luxury consumption doesn’t seem as fervent as before,” she observes. “However, it’s not that Chinese women no longer love luxury goods. Rather, consumption has become more rational, especially among wealthy Chinese women, who are essentially independent women in today’s China. They have their own opinions on consumption and are not easily influenced by trends.” Around International Women’s Day, Yang maintains a prudent approach to luxury indulgence. “I lean towards maintaining a conservative attitude,” she says. “The pursuit of material desires may be transient, and currently, there are no luxury items that I particularly desire to own.” Yang offers a glimpse into her balanced approach to luxury and financial management. “I prioritize investments in items that offer both aesthetic appeal and long-term value retention. Ultimately, luxury is about more than just possession — it’s about cultivating a lifestyle that reflects one’s individuality and aspirations.” Dong Xuemin: Embracing authenticity in luxury Dong Xuemin, a 46-year-old executive of an electronic and housing appliances chain store in Lin’an, Zhejiang province, reflects on her evolving stance on luxury consumption amid today’s economic uncertainties. With an annual salary of approximately 1 million RMB ($139,000), Dong’s journey through the world of luxury has been marked by profound transformations in her mindset. “I used to be drawn to the allure of high-end labels, often splurging without much consideration,” Dong confesses. However, with the passage of time, Dong’s perception of luxury consumption has changed. “I think my attitude towards luxury goods is optional now. I will buy something that I really like, but if there’s nothing specific that catches my eye, I won’t feel the need to make a purchase just for the sake of it,” she says. “I will buy something that I really like, but if there’s nothing specific that catches my eye, I won’t feel the need to make a purchase just for the sake of it.” Reflecting on the fast-paced turnover of luxury goods, Dong acknowledges her own collection of unused luxury items that have accumulated over the years. She recently embarked on a process of decluttering and reselling these idle luxury items to make space for new purchases. “It’s a process of letting go and making adjustments to acquire things I currently like.” Like many successful women in the country, Dong is embracing a more measured approach to luxury consumption. When she chooses to indulge, she prefers iconic brands like Louis Vuitton and Hermès, which align with her personal taste and style. This attitude towards luxury diverges from that of the younger generation. “Unlike us, the post-2000 generation don’t excessively pursue luxury goods. Instead, they opt for products that are in line with current fashion trends, more niche, and reasonably priced,” Dong observes, highlighting a generational shift towards value and authenticity over mere brand prestige. In discussing this shifting shopping landscape, Dong says: “Some of my acquaintances have also experienced a change in attitude, which seems a bit downgraded compared to before.” With plans to limit her luxury purchases to two to three times a year, focusing mainly on bags, Dong emphasizes the importance of genuine desire over forced acquisition. “If I happen to travel abroad and find something with good value for money that’s not readily available domestically, I might consider making a purchase.”

China’s wealthy female tycoons: three perspectives

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Published March 08, 2024

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China’s wealthy female tycoons: three perspectives