In case you missed them the first time around, here are some of Jing Daily’s top posts for the week of February 3-7, 2014.
Shanghai Shoppers Leave New Yorkers In The Dust For Luxury Buys#
In the last 12 months, the firm’s survey of 975 shoppers in Shanghai and 922 in New York found that Shanghai residents spent an average of $1,000 on their last purchase—an amount twice that of New York’s $500. In addition, 91 percent are planning to do so again in the next six months compared to 77 percent in New York, with plans to spend 66 percent more than New Yorkers for the same purchase.
Fashion World's Love For 'Migrant-Worker Plaid' Draws Ridicule From China's Net Users#
However, one demographic that isn’t showing much love for the style is the vitally important Chinese consumer market, which associates the bags more with the working class than the fashion world’s elite. Chinese media outlets recently picked up on the trend, paying special attention to a photo showing Korean actress Jun Ji-hyun wearing a Céline jacket with the pattern. The starlet is “playing with fire” by wearing the “Chinese spring travel season red, white, and blue pattern,” said one article.
China’s Wealthy Open Minds To ‘Experiential’ Luxury#
A new report called “Shock of the New Chic: Dealing with New Complexity in the Business of Luxury,” takes a look at the rise of “experiential” luxury among the world’s wealthy. Rather than buying handbags, watches, and jewels, a growing contingent is becoming more interested in things like “exotic holidays, gourmet meals, and art auctions.” According to BCG, experiential luxury now accounts for 55 percent of all luxury spending worldwide, and is growing at 14 percent annually.
How The World's Top Drink Brands Cope With China’s Anti-Graft Slump#
The four companies have all recently lamented the effects of the ongoing Chinese government campaign, which bans both luxury gift-giving to officials and fancy banquets with tables full of high-end Cognac and baijiu. While all of these businesses have been hit hard by the campaign, they each have their own ways of handling the crisis in China. Their strategies include staying the course while upping their marketing budget, introducing bottles at lower price points, and targeting the country’s young partygoers. Read more to see what each company is doing.
This Week In Digital Luxury Marketing: Chinese New Year Auto Edition#
As part of our ongoing coverage of Chinese New Year luxury marketing on social media, we’re following our beauty and fashion coverage with a roundup of recent and ongoing Chinese New Year campaigns by auto companies, featuring Bentley, Land Rover, Audi, Jaguar, and Cadillac.
