In Case You Missed It…Week In Review Feb 17-21

on February 22 2014 | in Week in Review | by | with No Comments

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This week in the news, white-collar Chinese professional women bolster the niche luxury market, Chinese luxury consumers still prefer face-to-face retail experiences, Burberry and WeChat offer an immersive fashion experience, Chinese investors are buying up Bordeaux wine country, and Adidas opens a concept store in Beijing.

Niche Luxury is the New Mainstream for the Modern Chinese Woman
A recent survey of 300 Chinese women conducted by SILK social CRM focuses on one of the fastest growing segments of Chinese luxury consumers: under 35 white collar women professionals. These women see luxury as a celebration of life’s successes – a reward for the ambition, talent and hard work that these women have poured into their careers. And what a celebration it is, these women are on average spending 17 percent of their annual income on luxury shopping.

Retail is Still the Most Powerful Way Chinese Experience Luxury Brands
Luxury brands hoping to gain a foothold in China should still direct their energies toward retail stores, a venue that remains important to Chinese consumers in particular. “Luxury education” often takes place in the West via media advertisements, but the Chinese media has not yet developed the structure to facilitate that education. Instead, Chinese consumers tend to learn about luxury products through face-to-face retail experience.

Burberry Teams with WeChat for Immersive Fashion Experience
WeChat users will have the opportunity to receive exclusive audio from the designers with the inspiration and details of key runway looks, as well as exclusive pictures, audio, and text messages from celebrities in attendance. The Burberry WeChat platform will also allow followers to customize a digital “Made For” plaque with their name in English or Chinese characters that will commemorate a specific element of the show.

Growing Taste for Wine Drives Chinese Investors to Bordeaux
Chinese investors now own about 70 of the area’s 8,000 chateaus, and their influence in Bordeaux has grown considerably over the past few years. Wine is big business in China, and the investors are catering to an increasing demand for luxury wines. A report from the Economic and Research Department of Le Conseil Interprofessionnel du Vin de Bordeaux stated that the region’s wine exports to China totaled 338 million euros in 2012.

Adidas Debuts New Concept Store in Beijing
Adidas debuted its new “Home Court” concept store in Beijing’s Sanlitun area early last month, the largest of its more than 7,600 outlets in China. The brand generated 1.6 billion euros (US$2.2 billion) in sales in 2012, and 14.9 billion euros in group sales. Sales in Greater China also increased by 7 percent year-on-year during the first nine months of 2013; in the third quarter of the same year, sales rose by 9 percent. According to Euromonitor International, Adidas Sports (China) Ltd. topped the country’s sportswear market with a market share of 11 percent.

 


image source: bottega veneta

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