In case you missed them the first time around, here are some of Jing Daily’s top posts for the week of November 10-14, 2014.
Although China’s ongoing anti-corruption campaign continues to put a dent in luxury sales, Chinese consumers are more important than ever for brands as they remain on track to dominate the industry over the next decade by an enormous margin.
That’s the argument that author Erwan Rambourg makes in his new aptly named book The Bling Dynasty, which predicts that Chinese consumers will make up 50 percent of all global luxury sales by the year 2025 and takes an in-depth look at the key trends driving their buying behavior. Rambourg, a managing director at HSBC in Hong Kong with eight years of luxury marketing experience for companies including LVMH and Richemont, believes that worries about the China luxury slowdown are overblown as incomes rise and Chinese consumers increasingly travel abroad to shop.
Singles’ Day, the annual Chinese online shopping bonanza created by e-commerce giant Alibaba, generates jaw-dropping sales records every year—and this year was no different. On November 11, Alibaba’s C2C Taobao and B2C Tmall customers bought US$9.3 billion (RMB57.1 billion) worth of goods in 24 hours, an enormous leap from last year’s US$5.8 billion. It’s no secret how e-tailers accomplish these staggering results: every year, they offer rock-bottom discounts on everything from electronics to groceries that would put a U.S. Wal-Mart on Black Friday to shame.
Film and television insiders from Hollywood and China gathered in Los Angeles at Asia Society’s U.S.-China Film Summit last week to discuss trends in China’s rapidly developing film and TV industries solidifying the fact that the China film and television market has finally arrived and is here to stay.
Interest in China’s film and television market has reached fever pitch in the United States, as the market continues to surpass 30 percent annual growth and remains on track to overcome American box office revenues in just three years. Adding fuel to the fire are recent Hollywood deals such asDalian Wanda’s purchase of AMC and a $1.2 billion property in Beverly Hills, and a trip by Alibaba’s Jack Ma to discuss a potential major U.S. studio partnership.
Attracting over 10,000 visitors, the second edition of Bund Classic Concours d’Elegance took place on October 17th to 19th, 2014 at the luxurious iconic villa on the Bund No. 1 Waitanyuan. Bund Classic’s aim is to strengthen the reputation of classic cars while attracting an increasing amount of car collectors in China and overseas. The three-day event offered a unique networking platform to develop the car collecting community as well as introduce a world of culture, glamour, and adventure to the public. Seminars, gala dinners, and hospitality events offered to Bund Classic’s VIP’s were created around an immersive experience through classic cars.
This week during the APEC summit, U.S. President Barack Obama announced the signing of a reciprocal visa agreement with China that will increase the validity of short-term tourist and business visas from one to 10 years, and student and exchange visas from one to five years. For tourists and businesspeople that regularly travel between China and the United States—and the businesses that serve them—the agreement has been hailed as a positive step in U.S.-China relations.