China Luxury News Roundup

China Luxury News Roundup

Summary: Chinese shoppers arrive in droves to London Christmas sales. Chinese consumers are increasingly seeking out diamonds for fun and profit. Chinese tourists continue to prop up global luxury sales. Second and Third tier Chinese cities driving luxury spending. Chinese tourists tire of group travel. Understanding Chinese luxury consumers can be puzzling. What Chinese women want.

Record Chinese shoppers in London

The London economy is riding high because of record numbers of shoppers from China and the Far East spending on average £1,700 each during the Christmas sales, with leading shops like Selfridges seeing thousands of Chinese queuing up to get their hands on discounted luxury brands.

Diamonds to Outpace Gold

Diamonds prices are poised to rise for the next four years, outpacing gold, as increased spending on luxury goods in China, India and the Middle East outpaces supplies of the precious stone, analysts said.

China props up global sales

The rich are not averse to a bargain. Their shopping is more likely to be done overseas. Buying designer goods abroad brings cachet, particularly if the item is only available in Paris, New York or Tokyo at a lower price, given high taxes at home.

Pricewaterhouse Notes Second & Third-Tier Cities

Second- and third-tier cities will likely remain the main drivers of sustained luxury sales growth in the year ahead. Another key trend called out in the study is the critical importance of mainland Chinese tourist-shoppers in places like Hong Kong and Taiwan. In Hong Kong, the report points out, “certain categories of goods, such as jewelry, watches and gifts, where tourists are a main driver of consumption, will see rapid sales growth in 2011-15. This trend will also play out in Taiwan, where mainland Chinese tourists are equally important consumers.”

Luxury brands turn cautious on China

Due to the Renminbi’s recent appreciation, rich consumers continue to prefer buying abroad as this gives them more value for money. Hong Kong and Macao still account for more than half of Chinese luxury consumers’ overseas spend, and that trend is expected to continue next year, according to Bain.

Chinese tourists rejecting tour groups

A total of 66 million Chinese citizens will have gone abroad this year, according to the United Nations World Tourism Organisation (UNWTO) — a rise of 15% on 2010. –AFP

The mystery of China’s big spenders

Whether it’s a Louis Vuitton handbag or a bottle of top-flight Bordeaux, watered down with Sprite to disguise the taste, looking rich is incredibly important to China’s new consumers.

Chinese Women’s Role in Consumption Increasing

The top three categories women in China spend money on are ‘daily necessities,’ ‘clothing,’ and ‘health and beauty products’ while women in developed markets choose to spend their money on vacations and paying off debts and credit card bills.

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