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mikemortgage · 6 years ago

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Economic chill dulls Chinese appetite for some luxury brands

BEIJING — The designer boutiques of Manhattan and Paris are feeling the chill of a Chinese economic slowdown that has hammered automakers and other industries.

It’s a rude awakening for such designer brands as Louis Vuitton and Burberry that increasingly rely on Chinese customers who spend $90 billion a year on jewelry, clothes and other high-end goods. The industry already is facing pressure to keep up as China’s big spenders, mainstays for American and European retailers, shift to buying more at the spreading networks of luxury outlets in their own country.

Last week, Tiffany & Co. showed how much well-heeled Chinese tourists matter to retailers abroad. Shares in the jeweler known for $5,000 watches and $400 silver baby spoons fell 12 per cent after its CEO said they were spending less.

In Hong Kong, the top shopping destination for mainland travellers, only a dozen visitors were in Tiffany’s flagship store one afternoon last week. Many looked without buying.

“The name brand goods are too pricey,” said Zhou Jiqing, from the neighbouring mainland city of Shenzhen. “I’m waiting for the Christmas sale.”

Forecasters including Euromonitor International and Bain & Co. say Chinese customers will be the luxury industry’s main growth engine over the next decade. But this year, shoppers are skittish amid cooling economic growth, trade tension with Washington and weak real estate and stock markets.

The spending shift could have big implications for retailers who’ve been catering to them and now will have to work even harder to get their dollars.

“Consumers are just not as excited about spending that kind of money right now,” said Ben Cavender of China Market Research Group.

Demand for Tom Ford suits and Jimmy Choo shoes held up better than some other Chinese spending as economic activity slowed following a government clampdown on bank lending to cool a debt boom.

China’s economy, the world’s second largest, is forecast to grow by a relatively robust 6.5 per cent this year, easing from 2017’s 6.7 per cent. But that is propped up by higher government spending on public works construction that helps to mask weakness in other areas.

Auto sales in the global industry’s biggest market plunged 13 per cent in October from a year earlier. Housing sales are so weak that some developers are cutting prices. The main Chinese stock market index is down 22 per cent from a year ago.

Even before the economy cooled, the industry was under pressure from shifts in Chinese tastes and buying habits.

Luxury brands, some of them centuries old, have raced to serve China as its consumers emerged as a powerhouse market.

Brands designed watches, clothes and other goods for Chinese tastes. Hermes created its first single-country brand, Shang Xia, for China. Department stores from London to Los Angeles hired Mandarin-speaking salespeople.

Chinese traders fly home from Paris or Rome with stacks of designer bags and other goods to re-sell.

The incentive to shop abroad has eroded as major brands opened their China stores and prices fell closer to U.S. and European levels.

“Now, lots of world brands have shops in first-tier mainland cities,” said Alex Bi, who was visiting Hong Kong from the mainland city of Guangzhou. He and his sister, Jessica, were window-shopping in the bustling Kowloon district.

At the same time, Beijing has stepped up efforts to reduce reliance on trade and encourage self-sustaining economic growth based on consumer spending. Import taxes on luxury goods were cut to lure shoppers home.

Luxury spending abroad is forecast to keep rising, but not as fast as in China.

The share of spending that goes to retailers in China should rise from one-quarter of last year’s $90 billion to half of 2025’s projected total of $170 billion to $190 billion, according to a Bain report this month. Under that scenario, spending abroad would rise to $85 billion to $95 billion from $67 billion.

Meanwhile, the customs agency is cracking down on informal imports by searching the luggage of travellers returning from Europe and other shopping destinations.

In November, a trader was sentenced to 10 years in prison for smuggling designer clothing from Hong Kong without paying the mainland’s higher import duty, according to news reports.

“This shocked the whole industry. Nobody dares to continue to act as purchasing agents,” said market researcher Li Chengdong of Donge Investment Management Co. in Beijing. “This has an immediate impact on the sales of the overseas retailers.”

Anxiety over possible terrorist attacks has prompted some Chinese to avoid Paris, London and other shopping destinations.

In the United States, retailers face pressure from China’s weak yuan, which makes prices in dollars more expensive for Chinese shoppers.

Chinese tourist are also changing the way they tour, forgoing big organized tours that involve taking buses to specific tourist sites including key shopping destinations, according to David Becker, CEO of a Brooklyn, New York-based Attract China, a Chinese travel consultancy. Instead, they’re going on their own, he said. That hurts retailers expecting big busloads of tourists at their front door.

Tighter visa restrictions under President Donald Trump also make it harder for Chinese shoppers to get to the United States, Cavender said.

Chinese tourist arrivals in the United States fell 20 per cent from a year earlier to 880,000 in the three months ending in September, according to an estimate by the China Outbound Tourism Research Institute in Hamburg, Germany. The number going to France rose 20.7 per cent to 664,800 and those bound for Italy rose 18.9 per cent to 850,000.

“If people previously were going to the U.S. to buy an American luxury brand, that’s not their first choice anymore,” Cavender said. “They would rather go to Japan, New Zealand or someplace in Europe where the process is easier.”

Becker says he’s been working with several clients, including designer stores on New York’s Madison Avenue and Brookfield Place, on how to better cater to the Chinese. That includes allowing Chinese customers to use their preferred mobile payments systems, such as Alipay or WeChat.

He says he has heard there’s been some weakening in sales to Chinese tourists in the past three months because of the economy. But he says the political tensions between China and the U.S. haven’t been a factor — yet.

“When your confidence in the economy is off, whether it’s here in the United States or in the China, you’re going to cut back on your overall spending,” he said.

——

AP Writers Violet Law and Alice Fung in Hong Kong, AP researchers Yu Bing and Shanshan Wang in Beijing and AP Business Writers Colleen Barry in Milan, Dee-Ann Durbin in Detroit and Anne D’Innocenzio in New York contributed.

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sanfranciscodailytimes · 7 years ago

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Global Destination Marketing Summit and World Culture & Tourism Forum commences successfully

XI’AN, SHAANXI – April 20th, 2018 – On April 19th, Ctrip’s [CTRP] Asia’s leading Online Travel Agency (OTA) and the world’s second largest, announced the success of the 1st Global Destination Marketing Summit and World Culture & Tourism Forum held in Xi’an. In cooperation with the government of Shaanxi Province, the government of Xi’an, the Xi’an Tourism Development Committee and many others, the event marked a new chapter for tourism in Shaanxi while providing an opportunity for industry leaders to gather together. During the opening ceremony of the event Mayor of Xi’an, Jiqing said “We are honored to be hosting the World Culture and Tourism Forum in Xi’an. Xi’an has been working hard to become a more diverse metropolis. The forum marks the start of the many events to come over the next months, we will strive to raise the standards of the tourism industry by setting an excellent example.”

Xi’an, one of the most visited cities in China, has an abundance of culture and history having been a starting point of Chinese civilization. The start of the Silk Road, Xi’an was the political, economic, and cultural center, connecting Europe and Asia. In modern day, Xi’an has ample sites including the Terracotta Warriors and Horses Museum, Huaqing Hot Springs (Wujianting) and many more.

To commemorate the agreement signed between Ctrip and the government of Xi’An, Jane Sun, Ctrip Group CEO inaugurated the partnership. “We will work together to help build up Xi’an as an international hub for the tourism industry We look forward to bringing guests from all over the world to Xi’an, an ancient capital of Chinese civilization” said Jane Sun. Ctrip and the Xi’an government will cooperate by utilizing Ctrip’s big data to release Xi’an tourism data reports and while using big data as a measurement tool in the development of Xi’an cultural tourism.

The afternoon held a number of forums with panel sessions covering topics including ‘Investment in cultural tourism and industry best practices,’ ‘Building smart tourism: the future of tourism empowered by big data and AI’, ‘New Media and Influence Marketing’ and ‘Developing tourism under the Belt and Road imitative’.

The evening concluded with the 2017 China Travelers’ Top Spot Award Ceremony Dinner where representatives in the travel industry were awarded for the contributions. The Global Destination Marketing Summit marked the first of many to come exciting events to come within the next few months leading up to another large event in October.

As China’s leading one-stop shop travel service provider, Ctrip will continue to work with the Xi’an and Shaanxi government to stay true to the theme of this year’s forum “Exchange Cultures, Connect the World.”

About Ctrip.com International, Ltd.

Ctrip.com International, Ltd. is a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China. It is the largest online consolidator of accommodations and transportation tickets in China in terms of transaction volume. Ctrip enables business and leisure travelers to make informed and cost-effective bookings by aggregating comprehensive travel related information and offering its services through an advanced transaction and service platform consisting of its mobile apps, Internet websites and centralized, toll-free, 24-hour customer service center. Ctrip also helps customers’ book vacation packages and guided tours. In addition, through its corporate travel management services, Ctrip helps corporate clients effectively manage their travel requirements. Since its inception in 1999, Ctrip has experienced substantial growth and become one of the best-known travel brands in China.

For further information, please contact: International PR | [email protected]

Media Contact Company Name: Ctrip.com International Ltd Contact Person: Wang Wenjin Email: Send Email Phone: (86 21) 3406 4880 Country: China Website: www.ctrip.com

The post Global Destination Marketing Summit and World Culture & Tourism Forum commences successfully appeared first on San Francisco Daily Times.

from Story – San Francisco Daily Times https://sanfranciscodailytimes.com/global-destination-marketing-summit-and-world-culture-tourism-forum-commences-successfully/

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rakinda01 · 7 years ago

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QR Payment For Xi’an Metro Starting From Jan 1st, 2018

QR payment has been used for Metro yesterday in Xi An city from China.

January 1 From now on, Xi’an will not only be able to brush cell phones to take the subway, have ants forest energy, but also have the country’s first “ants planted in the city forest.”

On January 1, Xi’an Subway, Xi’an City Administration and Ant Financial Gold tripartite announced that afterwards, regardless of Xi’an citizens or foreign tourists, as long as they brush the Xi’an Metro App and Alipay, they will be able to directly enter and exit from all subway stations and still be able to produce Ants forest energy. At the same time, the Xi’an Urban Management Bureau and the Ant Forest have started cooperation. It is estimated that in March this year, Xi’an citizens will be able to plant the real “ant forest” for Xi’an using their saved ant forest energy.

And Xi’an has, therefore, become the ant gold service, “a hundred low-carbon travel plan,” the first leg, ants gold service CEO Xi Yin Dong said the ant gold service hope that through science and technology, help low-carbon travel, the construction of beautiful China.

Brush mobile phone can take the subway Xi’an Metro in the forefront of the country

“We will work together with the Xi’an Municipal Government to make Xi’an the first Mobile Smart City on the Silk Road. At the signing ceremony of the” Smart City for Mobile Technology “between Xi’an City and ant gold clothing four months ago, Alibaba’s board of directors Chairman Ma Yun said that the two sides agreed to carry out all-round cooperation in the areas of transportation, commerce, people’s livelihood, government affairs and credit.

Just four months later, Xi’an Metro all stations to achieve the brush Xi’an Metro App or Alipay out of station. In order to encourage citizens to develop low-carbon travel habits, if brush Alipay or brush bound Alipay account Xi’an Metro App, but also produce ants forest energy. Today, Provincial Party Committee, Xi’an Municipal Party Committee Secretary Wang Yongkang, Mayor Shangguan Jiqing and representatives of the public together to experience the subway using a mobile phone code scanning gatekeeper fast and convenient.

The first use of passengers only receive the first App in Xi’an Metro “subway Xi’an electronic card”, or after receiving the “Xi’an Electronic Metro Card” “Alipay — — pay car code”, the lead card is successful, the phone QR code scanners on the subway gate on the sweep, you can directly out of the subway station, but also enjoy the random set by discount. Even in the absence of a signal or Alipay no money in the case, passengers can also “first ride, post-paid”, spend chanting users can also take the subway this month, give money next month.

This subway support brush cell phone across the board, Xi’an and walk in the forefront of the national city. According to the person in charge of Xi’an Metro Company told reporters, “At present Xi’an Metro Line site under the jurisdiction of the cloud gate machine transformation and installation, commissioning work has been completed, the entire network of 66 sites, at least ‘one into one’ special gate , Providing passengers through the phone scan code barrier. ”

“In 2018, every month, new cities will launch mobile payments in the public transport subway area,” said Liu Xiaojie, general manager of Ant Financial Wear Urban Services Division

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golden-china · 5 years ago

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2019 Chinese Nationals (3)

Wang Ziying Gao Zuying || Qin Ziyi Lu Bi Tie Jiayi || Wang Jiqing Gao Ning Lu Bi || Wu Yanhui Wang Ziying Source: 体操光年, yunnnger, gym淑君

#China #Chinese Nationals #Wang Ziying #Gao Zuying #Qin Ziyi #Lu Bi #Tie Jiayi #Wang Jiqing #Gao Ning #Wu Yanhui #Gallery

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mikemortgage · 6 years ago

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Economic chill dulls Chinese appetite for some luxury brands

BEIJING — The designer boutiques of Manhattan and Paris are feeling the chill of a Chinese economic slowdown that has hammered automakers and other industries.

That is jolting brands such as Louis Vuitton and Burberry that increasingly rely on Chinese customers who spend $90 billion a year on jewelry, clothes and other high-end goods. The industry already is facing pressure to keep up as China’s big spenders, mainstays for American and European retailers, shift to buying more at the spreading networks of luxury outlets in their own country.