In case you missed them the first time around, here are some of Jing Daily’s top posts for the week of May 12-16, 2014.
China’s love affair with popular Bordeaux wines such as Château Lafite has waned not only from the Chinese government’s ongoing anti-corruption campaign, but also from dampened collector confidence in authenticity thanks to rampant counterfeits. As part of a newly launched program combat the country’s counterfeit problem, a senior Chinese government official recently revealed just how rampant he thinks the problem is: according to him, half of all the Château Lafite wine sold in China is fake.
In research firm Millward Brown’s new in-depth look at how the “Chinese Dream” differs from the “American Dream” and “British Dream,” it concludes that acquisition of material wealth is only one component of Chinese citizens’ concept of their country’s dream—but it’s an important one. As a result, the firm argues that the “Chinese Dream” has a profound effect on Chinese consumers’ shopping habits. “Chinese are both avid shoppers and dreamers,” says the report, which finds that enjoyment of shopping is much higher in China than in the United States or the UK.
With guests including supermodel Miranda Kerr and actresses Gao Yuanyuan and Carina Lau, Michael Kors’ Shanghai flagship party last Thursday was one of the most high-profile China fashion events so far this year—until the designer hosted his first-ever China runway show at Shanghai’s Hongqiao International Airport the next day. Taking place in a 30,000-square-foot jet hangar to celebrate Kors’ “jet-set” aesthetic, the Friday event highlighted that traveling Chinese consumers are just as important to the brand as China’s domestic retail market.
All eyes in the global luxury industry are on Burberry’s trailblazing new e-boutique on Alibaba’s e-commerce platform Tmall. As the only non-cosmetics global luxury brand on the discount-oriented site, Burberry has left many industry experts wondering how its image and sales will fare.
With mainland China’s once red-hot luxury market taking a decidedly tepid turn amid Beijing’s ongoing anti-conspicuous consumption campaign, the Chinese consumer has become an even more crucial demographic for luxury stores in the United States and Europe.