When Tencent started during the 2014 CCTV New Year show to promote giving red envelopes online, few realized it was the successful kick-off what is now known as WeChat Pay, says WeChat expert Matthew Brennan to the JingDaily. Some luxury brands did not like the concept though: “The idea of a discount communicates value and is generally not an incentive that luxury brands want to be associated with.”
Category Archives: luxury
Stability and tradition in China are much stronger over the generations than many outsiders assume, marketing guru Tom Doctoroff, author of What Chinese Want: Culture, Communism, and China’s Modern Consumer, argues in this video clip for Amcham. Tensions between generations do exist in China too, but they are different from those elsewhere in the world, he argues.
China’s high-net-worth individuals are more optimistic about the country’s economic development compared to last yet, says the Hurun Chinese Luxury Consumers Survey 2018, released on Wednesday, according to the China Daily. Rupert Hoogewerf, founder and chief researcher of Hurun, said that although China’s GDP growth rate was 6.9 percent last year, which is slightly up from the 6.5 percent estimated by the central government at the beginning of 2017, it is enough to make a difference.
The China’s luxury Consumer Price Index (CPI) rose 3.6% on a yearly basis in 2017, both based on more wealthy Chinese, and an uptick in the money they spend. Chief researcher of the Hurun China rich list Rupert Hoogewerf says expenditure on real estate, Tesla and Baijiu going up, he tells in Asia Times.
Spending on luxury in China went up over 80 percent over the past ten years, reveals the Luxury Consumer Price Index (LCPI). HuRun chief researcher Rupert Hoogewerf points in ECNS at three major winners: property, baijiu and Tesla.
More wealth is concentrated in less hands, and the pace is accelerating, says Rupert Hoogewerf, chief research of the China rich list Hurun after publishing his Hurun Global Rich List, according to the CNBC. And most billionaires are living in China.
Surveys by the Hurun China Rich List not only show that China´s affluent have spent more money in 2016, but increasingly do to while traveling, says Hurun chairman Rupert Hoogewerf in the Luxury Daily. The number of days per month they travel went up again.
Austerity marked the luxury goods industry, triggered off by the anti-corruption drive by president Xi Jinping. But the growth figures are back on track, says Rupert Hoogewerf, based on research by his Hurun China Rich report, released on Thursday, he tells the China Daily. Purchases are back on the 2013 level.
The purchase of the Plough at Cadsden in rural Buckinghamshire, the bar where then-prime minister David Cameron and president Xi Jinping toasted on their relationship by the Chinese company SinoFortone shows a change in the typical tourist habits, says Peking university business professor Jeffrey Towson in the China Daily.