Week In Review: September 16-20, 2013

In case you missed them the first time around, here are some of Jing Daily’s top posts for the week of September 16-20. China's New Collectors Look To Global Auction Houses For Market Guidance As the number of Chinese collectors in the global auction market expands every season, both new and established buyers hope to acquire a greater base of cultural background knowledge of the pieces for sale—and the world’s top auction houses are offering a number of new courses to meet the demand. This September, Sotheby’s Institute of Art, the company’s global education arm, held its first ever classes in mainland China from September 3 to 6 with a four-day intensive program in Hangzhou covering contemporary Chinese art. The course, which is held in conjunction with the prestigious China Academy of Art, provides Chinese translations of all English content and features a series of intensive sessions on four main mediums in Chinese art history, as well a historical overview of the topic. How China’s Independent Millenials Are Transforming Global Travel China’s affluent younger generation is likely to be traveling the world at record levels in the years to come, but not from the seat of a tour bus, according to a new report. Travel website Skift’s recent research on the “Rise of the Chinese Independent Traveler” concludes that young members of China’s middle class are dramatically changing the travel industry, opting for independent travel in lieu of the standard group tours of their parents’ generation. The report argues that the significance of this demographic shift is already being felt in the fact that the popularity of group tours is declining and independent travel is rising, mainly as a result of younger travelers’ changing preferences. Beijing's Edgy Trendsetters Hail Rise Of Hutong Concept Stores Once the land of ubiquitous Louis Vuitton bags, China is now a place where the wealthy are undergoing a shift in fashion sense, moving away from the big brands of yesteryear and toward niche designers, snapping up clothes and accessories from a growing crop of concept stores and boutiques that speak to the individual among the masses. Burberry CEO: China's Slowdown 'The New Normal' In an interview with CNBC after Burberry’s Prorsum Spring/Summer 2014 runway show, Angela Ahrendts, CEO of Burberry, weighed in with her thoughts on the company’s recovery from China’s slowdown and crackdown on luxury gifting. “It’s the new normal and we’ve budgeted for it,” she says of the current market conditions. Video: Men Reign As China's Top Luxury Shopaholics Men’s purchases may only comprise 40 percent of the global luxury market, but not in China. Citing research by CLSA, which estimates that 55 percent of luxury goods in China are purchased by men, an English-language CCTV segment takes a closer look at the China men’s market. When it comes to percentages of male purchases of individual goods, the luxury handbag market is 45 percent male-driven in China, a dramatically higher number than the United States’ 7 percent. This has been attributed to the fact that white-collar workers in China are far more likely to take the subway than drive to work, creating the need for classy work bags among both men and women. Watch the video embedded above for more interesting statistics and a few interviews with male luxury consumers.

Week In Review: September 16-20, 2013

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Published September 20, 2013

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Week In Review: September 16-20, 2013