In case you missed them the first time around, here are some of Jing Daily’s top posts for the week of July 22-26:
The power of viral social media can be astounding at times, and German automaker BMW has now proven that in China, it’s possible to invent a whole new holiday just from the influence of a few prominent microbloggers.
On July 12, a viral movement that swept over Chinese microblogging platform Sina Weibo saw more than 300,000 users pour out their deepest regrets for the world to read in 140-character form. Using the hashtag #Ctrl Z Day#, users participated in what they believed to be a “worldwide day of regret” that takes place “on the second Friday of every July,” in which they took to the internet to state what parts of their life that they wish they could reverse if life had a “Ctrl Z” function, which is the “undo” command on PCs.
A video on Wall Street Journal interviews Shaun Rein, managing director of China Market Research Group, on the radical changes taking place amongst China’s luxury consumers that brands cannot afford to ignore.
Specifically, he states that Chinese consumers are now becoming more interested in spending their money on lifestyle experiences rather than shopping, both at home and when they travel. When they do go shopping, they are honing in on niche brands rather than mega-labels, he says, describing a trend which has been apparent for quite some time.
Late last week, the Hurun Report published the Chinese version of its annual Luxury Consumer Price Index (CPI), which found that luxury prices have grown by 1.52 percent, a decline of 3.42 percent from last year and a seven-year low overall. The rate was lower than both that of inflation and of the general CPI for the country.
The fiery Chinese spirit baijiu has been having a rough year with low sales and plummeting prices in the wake of the government’s anti-corruption campaign, but global drinks conglomerate Diageo has shown its faith in the liquor’s long-term success by announcing today its consolidated control over Shui Jing Fang, a premier Sichuan-based distiller which says it has been producing baijiu since 1408.
According to Bloomberg, the acquisition came after being approved by Chinese authorities, and marks a significant investment for Diageo.
Top global luxury conglomerates Kering and LVMH have both released their financial results for the first six months of 2013, and the numbers for China in particular represent a continuation of slow growth that differed dramatically between certain labels and product categories. While the brands’ “mega-labels” were once again not the major China standouts for either company, the growth of niche fashion labels, beauty products, and alcohol for non-gifting purposes in particular spotlighted the continued market influence of Chinese consumers buying for personal consumption in the wake of the government’s crackdown on corruption and luxury gifting.