Hong Kong Becoming The Meeting Place For Art And Luxury
Louis Vuitton x Stephen Sprouse
In the ongoing economic downturn, major luxury companies are getting more creative in their branding and marketing approaches, even in luxury-happy East Asia. With luxury sales projected to see their first recession in recent memory this year, with some figures expecting a decline of 7% in 2009, luxury companies are looking to emerging markets like China and India, which have vast consumer bases and plenty of newly-monied potential buyers who, unlike many of their counterparts in the developed world, are new to the luxury market and still willing and eager to part with cash. As Guo Zuli, director of the World Luxury Research Center, said in a recent interview, Chinese buyers are still very new to luxury products — therefore, they are not expected to display the same level of “luxury fatigue” of western or Japanese buyers in 2009. Luxury marketers see that potential already, and if they’re smart they will turn their attention to growing this revenue stream as western demand falters — since western demand will stay relatively weak in the near and possibly the long term.
Posted in Art, Business, China, Chinese Art, Culture, Luxury
Tagged andreas gursky, Art, basquiat, bertrand lavier, cao fei, Chinese Art, christian marclay, dominique gonzalez-foerster, Fashion, gilbert & george, hong kong, jeff koons, louis vuitton, LVMH, paul chan, pierre guyghe, richard prince, stephen sprouse, takashi murakami, yang fudong
Chinese Consumer Trends Following, Expanding On, Western Trends
Domestic sophisticates may turn their noses at Great Wall and other local brands, but they're increasingly buying from foreign wineries
Wine and spirits companies have exponentially increased their outreach efforts in the lucrative Chinese consumer market over the last five to 10 years, with western companies finding varying degrees of success — for scotch producer Chivas, success beyond their wildest dreams; for beer companies, more muted success. In the Chinese market, as the more insightful branding experts have noted, it’s not enough anymore for imported consumer goods to simply be expensive. As the Chinese middle and upper class becomes increasingly sophisticated and develops more focused tastes, companies need to appeal to potential buyers on a personal, visceral level (much as they try to do in developed markets).
Posted in Business, China, Luxury
Tagged China, chinese, fine wine, france, Luxury, sino-french relations, sotheby's, vineyards, vintners, wine