In case you missed them the first time around, here are some of Jing Daily’s top posts for the week of November 4-8.
Who Are The Winners In China’s Luxury Slowdown?#
Recent data strongly suggests that China’s luxury market is still in slowdown mode, but while some companies are seeing a strong slump, a clear set of winners is making it through 2013 with solid sales.
Now in the fourth quarter, there’s no doubt that year-end growth rates in China’s luxury industry aren’t going to rebound to anything close to pre-slowdown numbers. A study released last week by Bain & Company predicted that 2013 luxury sales in China would grow by only 2.5 percent to 15.3 billion euros. There’s speculation that the slowdown may be long-term, as well: a recent luxury CEO survey by Departures and Ledbury found that executives are more confident about the North American luxury market than about East Asia as a driver of growth over the next five years, and former Burberry CEO Angela Ahrendts said on-record last month that slowing luxury growth rates are “the new normal” for the industry.
China Luxury Forecast: Expect Sophistication To Grow In 2014#
China’s luxury market looks set to stabilize even as consumers become more discerning and sophisticated, according to the fifth annual Ruder Finn and IPSOS joint China Luxury Forecast released today, which also finds that Chinese customers are increasingly setting their sights on shopping overseas and online.
The 2014 Forecast polled 1,800 luxury consumers across China and Hong Kong, getting detailed accounts of the way in which they spend. The report covers China with 25 percent of respondents in first-tier cities, 32 percent from second-tier cities and 27 percent from third-tier cities, all with annual incomes averaging RMB 290,000.
The Former English Tutor With One Million Weibo Fans: Fashion Blogger Peter Xu#
Shanghai-based style blogger Peter Xu (徐峰立) is the key definition of a “key opinion leader” (KOL) in China, turning his prolific 1.3 million follower-strong Sina Weibo account into his own personal brand enterprise. Xu is famous not only for his blog, but also for his frequent columns for China’s major fashion magazines, attendance at China’s hottest fashion events, and collaborations with labels such as Dior and Louis Vuitton. His interests and talents span beyond style, however: he has also gained notoriety through rapping and took to the stage in a national singing talent show. As a former English tutor whose blogging radically changed the trajectory of his life, Xu certainly knows how to think outside the box, and recently recommended at Shanghai Fashion Web in September that fashion brands need to do the same in China. Jing Daily caught up with Xu to get his views on his favorite Chinese and international designers, as well as how he managed to beat heavy-hitting fashion magazines like Vogue China for Weibo fans.
Marketing Tips For China's Upcoming Singles' Day, AKA The World's Biggest E-Commerce Event#
On November 11th last year, China’s e-commerce market surpassed the United States’ Black Friday and Cyber Monday with $3 billion in revenue in a period of under 24 hours. This one-day event that had been promoted through weeks of advertising is now the biggest e-commerce day in the world. Its effects are vast, driving millions of daily connections, purchases, logistics adjustments, and of course, revenue for brands and payment system providers.
LVMH-Owned DFS Group Unveils T Galleria Hong Kong#
Last week, the world’s leading luxury travel retailer DFS Group installed the new T Galleria—a rebranding first unveiled in September at its Waikiki location—to its three downtown stores in Hong Kong. In a celebration taking place in both its founding city and global headquarters, the LVMH-owned retail group hosted a preview day along with a “T in Art” showcase in conjunction with the Hong Kong Tourism Board and celebrity guest Daniel Wu.
