Week In Review: October 13-17, 2014

In case you missed them the first time around, here are some of Jing Daily’s top posts for the week of October 13-17, 2014. Bain: China Luxury Spending To Decline 1 Percent In 2014 (And Why Brands Shouldn’t Panic) Bain’s 13th annual “Luxury Goods Worldwide Market Monitor” predicts that China is currently showing “minus 1 percent” growth this year at constant exchange rates (minus 2 percent at current rates). Not only is this a decrease from last year’s growth rate of 2.5 percent reported by Bain, but it’s also much lower than the firm’s May 2014 prediction that growth would be between 2 and 4 percent for the year. It’s worth noting that not all estimates are the same: Euromonitor still predicts 4 percent growth for the year, according to its own recent report. How To Reach China’s Young HENRYs Through Social Marketing As we face a slowdown in the growth of global luxury sales in China, Hong Kong, and Europe, as well as a large change in terms of Chinese travelers’ profiles as they switch from group to independent travel, most brands are trying to reach a new type of more mature, more independent customer. Many of these customers are the HENRYs, which means “High Earners, Not Rich Yet.” This group appeared in the early 2000’s in Western markets and is now growing fast in the emerging ones. China’s 382 Million Millennials Demand Corporate Social Responsibility A vast majority of millennials across the world expects brands to engage in corporate social responsibility—and China is no different, according to a new report. A survey by communications agency MSL Group that questioned 8,000 milllennials worldwide born between 1984 and 1996 found that in China, 92 percent of respondents demand business involvement in addressing social issues. This is in line with millennials’ expectations globally: 73 percent said that government can’t solve major social by itself, and 83 percent want corporations to be actively involved. Interview: Hotelier Awards China Honors Best Of The Best In Hospitality Industry For a culture that places a heavy emphasis on official accolades and rankings, it may come as a shock that China doesn’t have an existing institution to recognize outstanding staff in the country’s booming hotel industry. This fall, the inaugural Hotelier Awards China will fill that gap as the country’s first award ceremony to showcase the best of the best for hospitality in China. In order to learn more about it, Jing Daily spoke with the award’s director and co-founder Benoît Thebaut about what inspired the award. Chinese Luxury Hotel Interest Rises 39 Percent In 2014 Although luxury hotels in China are still feeling the effects of the government’s anti-corruption campaign, Chinese consumers’ interest in luxury hotels is at an all-time high based on internet search results. The new “World Luxury Index Hotels” report for 2014 by Digital Luxury Group in partnership with Ecole hôtelière de Lausanne (EHL) finds that internet searches for luxury hoteliers surged 39 percent in China this year, making it the fastest-growing region in the world. Luxury hotel searches originating from China made up 9 percent of the global total, placing China third behind the United States and the UK.

Week In Review: October 13-17, 2014

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Published October 17, 2014

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Week In Review: October 13-17, 2014