Week In Review: September 30-October 4, 2013

In case you missed them the first time around, here are some of Jing Daily’s top posts for the week of September 30-October 4. Luxury Companies Look to Gain From Shanghai Free-Trade Zone Companies in luxury sectors such as retail and auctions could be side beneficiaries of the new Shanghai free-trade zone, which has been heralded as a major step toward market reform in China. Because luxury goods available on the mainland are sold at huge markups, most Chinese make their high-cost purchases abroad or in Hong Kong, but the free-trade zone’s future tax breaks may spark an upsurge in buying of luxury items on the mainland, ranging from handbags to seafood to cultural relics. Xinhua Publishes Dubious Report On Luxury Brand 'Quality Issues' China’s state-run media isn’t shy about accusing foreign brands of bad service toward Chinese customers without much heed to whether the claims are legitimate or not. In line with this trend, a recent article on Xinhua conveniently rounds up a number of state media criticisms of foreign luxury brands which all have one thing in common: not much evidence. In the article, Xinhua lists a collection of reports dating from 2008 to the present accusing Hermès, Louis Vuitton, Cartier, Dior, Gucci, Armani, and Fendi of a wide range of infractions including selling fakes at their official boutiques worldwide, producing low-quality goods that fall apart soon after purchase, and behaving unfairly toward customers when they complained. How Will China's Bitcoin Boom Affect Online Retail? While China’s flourishing Bitcoin market has attracted intense speculation and economic optimism, the digital currency’s anonymous nature and unregulated status make it poised to significantly affect online business in the mainland. Bitcoin is a web-based digital currency that has recently been enjoying immense popularity throughout the world. With no physical presence—transactions are made through its shared and completely digital client—the identities of its users are easily rendered anonymous. 5 Essential Facts To Know About China's Millennials Everyone knows that the millennial generation is far different from its predecessors across the world, including in China, but what are the ways in which it differs? Research firm JWT Intelligence has recently tackled that question in a new report out entitled “Meet the BRIC Millennials“, a comprehensive survey of millennials in Brazil, Russia, India, and China. Look below to see five key characteristics of this generation in China in particular, which will help shed light on the future consumption habits of this vitally important demographic. 5 Key Habits Of China's Luxury Watch Aficionados With Golden Week’s shopping frenzy in full swing, Swiss watch companies are hoping that high numbers this week will help to lift the current slump in exports to China. In order to get a better grasp of what China’s wealthy watch buyers are looking for when they shop for high-end pieces, Chinese luxury site Hexun has compiled a list of the main factors they consider. Due to the influence of local expertise and cultural considerations, some of the items on the list are particularly China-specific.

Week In Review: September 30-October 4, 2013

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Published October 04, 2013

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Week In Review: September 30-October 4, 2013