Here’s the reason why Chanel chose Shanghai for its most recent Métiers d’Art runway show:
Luxury industry insiders are desperately trying to figure out which high-end brands the country’s nouveau riche covet. An oft-passed around data point says that 55 new people become millionaires in China each day.
It turns out, according to a recent survey by China’s Hurun magazine, Chinese millionaires love Giorgio Armani the most, at least in terms of fashion. For skincare, they prefer Chanel. Fine jewelry? Cartier.
What does this mean? Well, Chinese consumers know what’s up. They’re not choosing aspirational luxury brands like Gucci or Coach to obsess over. They desire refined brands that ooze “class” in that 1980s sort of way.
These newly wealthy types want the best of the best. Meaning any luxury brand not focusing a big part of its expansion efforts on China is missing out big time.
Tags: Cartier, Chanel, China, Giorgio Armani, millionaires, Shanghai
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Fashionista is so much more pleasurable and informative now that you’re here Lauren. Keep it up!
55 millionaires a day is pretty astonishing. Wow.
Jean,
With around 1.4 billion people, that’s 3.92857143 √ó 10(to the minus -8 power) percent of the population. So no, it’s not a big deal.
Just think of the possibilities if the 1 child rule didn’t exist, oshkosh b’gosh.
Rash it is a big deal! Thats 20,075 new millionaires a year. I think that’s a pretty large number.
Jean,
Oh ok, now that makes it ONLY 5 zeros after the decimal. Not everything you read is true. Consider that that figure might come from a Chinese source.
I think the ladies down on Canal have laced your bubble tea with communist propaganda.
I don’t drink bubble tea boo.
I agree with Voltaire, 55 millionaires a day is really astonishing.
dreamlovely-anne.blogspot.com
It’s funny to read this post living in China now. I suppose I agree that there is a definite lust for “standard-bearing” luxury retailers, though unfortunately that Armani affinity doesn’t extend to a cosmetics kiosk at any of the local malls :( There aren’t a lot of Western middle-market retailers here, mostly Chinese brands at that level and then European luxury megabrands that an infinitesimal percentage of the 8 million people in my town could afford. But I’m on a first-name basis with the Prada store manager here, which I don’t think I could accomplish in the states, so that’s nice.
I think there might have been a collective rolling of the eyes toward smug Sean. I’m going to ask my Chinese grandpa to give you a lesson (beating with a bamboo branch) on being a little humble; he’s in Beijing now if you wish to see him.
#7, why did you have trouble submitting a comment? You don’t need a posterous account to do so.
http://www.oneinchpunch.net/wordpress/wp-content/uploads/2008/07/guilty-panda.jpg
And I’m on a first-name basis with the Prada store manager because he’s the only person in the store who can speak English. I went in there to look at pretty things I can’t afford and we got to talking about who I was, why I’m in China, etc. Turned out he’d been living in Australia the past five years!
lol, that makes more sense and that’s the Sean I’m used to! I’m going there this summer and hopefully will practice my Cantonese with the manager too. Hope you’re having fun and savoring the cuisine.
Standard of living in China is quite poor, so 55 millionaires a day seems quite an astonishing number.
Perhaps it is those who work for the government, as they all drive around in Audi A6′s.
I have to give it to them for having impeccable taste ;)
I studied at Shanghai Finance University this past summer and I noticed that whether rich or poor most Chinese people emanated class. You rarely saw tattoo’s and trash bearing teen-agers ready to show their “hoo hahs” to the world like you do here in the states.