In case you missed them the first time around, here are some of Jing Daily’s top posts for the week of February 24-28, 2014.
Impressionist artist Claude Monet’s works have been displayed in prestigious museums all over the world, from the Metropolitan Museum of Art in New York to Musée d‘Orsay in Paris, but for the first time, people in Shanghai will get a chance to enjoy the master’s great works not in a stuffy museum, but at a luxury mall.
According to the Hurun Report’s global rich list for 2014 released today, China is the second most important player in the “nine-zero club.” As the runner-up to the United States for the top number of billionaires over the past year, China has a total of 358 ultra-wealthy citizens. The country also came second behind the United States in billionaire growth numbers, gaining 41.
On February 24, Jing Daily gathered a panel of China digital marketing experts and luxury professionals at its headquarters in New York City for “China Luxury 2.0,” a panel discussion of the rapidly changing digital luxury marketing landscape in China. Hailing from the market research, digital marketing, and tech startup fields, the panel was moderated by Jasmine Sun, an e-commerce and retail expert at Shanghai-based growth consultancy SmithStreet.
With the rise of a “designed-in-China” over “made-in-China” mindset and growing Chinese pride in local designers, brands such as Shanghai Tang are looking to cash in on that wave. Bloomberg interviews Raphael le Masne de Chermont, CEO of Shanghai Tang, on the challenges faced and the strategies the fashion house employs to capitalize on the rise of the Chinese consumer.
Fueled by a stronger yuan, high prices at domestic stores, greater ease of travel, and China’s ongoing anti-extravagance campaign, more Chinese than ever headed abroad in 2013—most of whom had their sights set on luxury shopping. Last year, Chinese shoppers accounted for over one-third of all luxury purchases in Western Europe, dedicating 33 percent of their travel budget to shopping alone (compared to 11 percent for the French). Chinese tourists have already surpassed German tourists as the world’s top spenders.