Coach became the second luxury company, following Prada, to list its shares on the Hong Kong stock exchange this week. Coach is already listed on the New York stock exchange, and didn’t raise any additional funds through the listing, so the move is largely seen as a marketing play to Chinese investors as the company increasingly benefits from Chinese consumers around the world.
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Despite the widespread acceptance of online microblogs such as Weibo and social media sites in China, good old fashioned offline word of mouth is still the most powerful influence for referrals to Chinese luxury websites, according to a recent research report by iResearch.
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Summary: New must-do for Chinese tourists: French wine tour. U.S. Tourist Visa Demand Surges from China. How the Chinese Rich Shop… Abroad. Selling China on California. Chinese Tourists on Global Luxury Spending Spree Driving Revenue at U.S. Retailers. Showing off: The culture behind China’s luxury goods market. Luxury Car Brands and Their Chinese Stereotypes. China’s Super-Rich Buy a Better Life Abroad.
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[Update: The End of Cheap China is now available on Amazon.com]
We recently caught up with Shaun Rein, the author of the upcoming book: the End of Cheap China and had the opportunity to chat with him about the China luxury consumer:
Many are calling Chinese tourists the “next Japanese tourists” in reference to their travel and shopping habits. Do you agree? How are Chinese tourists different from Japanese tourists?
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Despite the rise of the Chinese economy over the past two decades, the combination of a weakening Chinese stock index (currently at a 14 month low) and forecasts predicting sluggish growth over the next few years (5% GDP by 2016, down from 9.5% last quarter) have left many Chinese investors looking for new places to park their cash.
Chinese investors have been increasingly purchasing real estate overseas as the combination of the global economic recession and the higher RMB value create historically attractive buying opportunities for wealthy Chinese.
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Summary: Juicy Couture opens Beijing flagship store. 360Buy launches luxury e-commerce site: Toplife.com. Chinese Spend More Money On Luxury Goods Than Europe And The U.S. Combined. Chinese authorities clamp down on foreign businesses such as Wal-Mart and Carrefour. Geoffrey Kent interviewed on travel habits of high net worth Chinese travelers. New York Observer launches Chinese language magazine YUE. China’s second tier cities hungry for luxury brands. China’s millionaires seeking to move overseas.
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