127/n #aiexpedition – the China appendix, No. 4. CONSUMERS. The demonstrative indifference that tourists encounter in Shanghai is surprising also because China's economy could really use private consumption right now. This is evidenced not only by macroeconomic statistics or the collapsing China sales of Gucci reported at the end of March, but also by anecdotal evidence. On Saturday evenings or during the Qingming holiday, Nanjing Road shopping boulevard was very busy. But beyond prime time and prime locations, streets, malls, and shops are sometimes almost deserted. In the "Super Brand Mall" in the shadow of the Shanghai Tower, e.g., artistically veiled sales areas (pictured) indicate retail calculations that do not (or no longer) add up. This was very different in all the other metropolises I visited in the Far East before. HOUSING. Vacancies are not only found in retail but also in the housing market. From the train from Shanghai to Suzhou (yes, in the end, we got our train tickets through detours), we repeatedly detected entire groups of tall, obviously completed but vacant residential buildings. I have only seen something like this before in Bangkok and Kuala Lumpur – in 1998, when a debt-fueled real estate bubble caused the great Asian crisis. (To be continued.) #goingeast2024 with Pascal Roski. #axelspringer
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Hong Kong Plots Comeback Amid Improving Sino-American Ties. Euromonitor reported that in 2023, Hong Kong achieved the highest per capita spending on luxury goods globally, reaching 16,794.40 Hong Kong dollars, or $2,155.80 - Hong Kong is well positioned for luxury sales to return to pre-COVID-19 levels by mid-2024. However Hong Kong retail has to re-invent itself by elevating brand experience mixing for example art, fashion, culture,..(eg. K121 Musea). These past days we have seen Harrods at Landmark Central close its doors after 18 years. A good example of a retailer who hasn't change, keeping the same recipe of what used to work before and relying mostly on Mainland Chinese Tourists. #experientialretail #Hongkong #luxurybrands #elevateyourbrand #retailinnovation #localbusiness #genz
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Ardgour Expects - Sounding out Shanghai A recent trip to Shanghai suggests the first green shoots are appearing in the economy, residential and retail markets. Business closures are slowing and new businesses are appearing. Population growth also remains robust. As we have previously mentioned, we expect Shanghai to be one of the first Chinese markets to recover. We are seeing price discovery at yields that would tie in with the Tokyo experience. As with any market bottoming there will be a lot of conflicting news for the next months but there are clear signs of hope.
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😯 Woooow! 🛍️ Consumption of luxury goods of Chinese citizens at home and abroad in 2023 hit 1.042 trillion yuan ($145.6 billion), up 9% YoY and hitting one trillion yuan for the first time in three years 👏, according to a report published yesterday by a professional research and consulting organization related to high-end lifestyles in #China. The report showed that #Shanghai took first place among cities in China in terms of luxury goods consumption, at 53.5 billion yuan. In 2024, the Chinese luxury goods market's growth rate is estimated to be 12%. 👍 [📸/IC]
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𝐇𝐨𝐧𝐠 𝐊𝐨𝐧𝐠’𝐬 𝐥𝐮𝐱𝐮𝐫𝐲 𝐫𝐞𝐭𝐚𝐢𝐥𝐞𝐫𝐬 𝐚𝐫𝐞 𝐚𝐝𝐚𝐩𝐭𝐢𝐧𝐠 𝐭𝐨 𝐬𝐡𝐨𝐩𝐩𝐞𝐫𝐬 𝐭𝐮𝐫𝐧𝐞𝐝 𝐭𝐨𝐮𝐫𝐢𝐬𝐭𝐬 Hong Kong's luxury #retailers are adapting to fewer wealthy Chinese shoppers visiting the city and a shift towards tourists flocking to Instagram-coveted spots in trendy districts. Click here to know more - https://lnkd.in/gQUKnSJ5 #AI #Retail #BrandRetail #TextileRetail #ApparelRetail #RetailNews #ApparelResources #DailyNews
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Despite ongoing challenges in the retail sector, Hong Kong's consumer confidence is gradually rebounding to pre-COVID levels. The city continues to hold a crucial position in the global market, partly due to the support of mainland Chinese tourists. Retail sales in Hong Kong have experienced a decline, especially in luxury spending, but efforts are being made to reduce reliance on this segment and diversify offerings. The recent return of runway shows by renowned fashion brands like Louis Vuitton and Dior is a positive sign for Hong Kong's position as an international fashion platform. #design #asia #hongkong #consumer #confidence #saleslevel #retail #retailer #designers #globalmarket
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Savills Japan has released Japan Retail April 2024. "The retail sector has continued improving, especially in areas popular with inbound tourists, and there have been more store openings catering to international visitors. Lukewarm domestic consumption should also improve due to noticeable wage growth. While prime areas are performing very well, some non-prime areas are still struggling, showing some bifurcation in the market. The optimistic market sentiment has led some landlords to eye rental increments, in contrast to tenants who already have had operating margins thinned from rising costs, and this gap in expectations is likely to persist." https://lnkd.in/gdM5GigS
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Despite dropping to third globally, Hong Kong's Tsim Sha Tsui holds its crown as the priciest retail destination in APAC for 2023. Annual rents rose 4%, hitting USD $1,493 per sq ft. This resilience is part of a broader trend as global rents increased by 4.8%, with APAC leading the pack at a 5.3% growth rate. Even as consumers tighten belts and economic forecasts adjust, the retail sector continues to bounce back. Meanwhile, the global retail throne remains in NYC's Upper 5th Avenue. Other APAC contenders in the global ranking include #Tokyo, #Sydney, #Seoul, #Shanghai, and #Singapore. #Ergon #Retail #APAC #HongKong
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Well done Hutch and team ;-)
#XOR proudly unveiled our hand-crafted mobile phone at the Hainan Expo, We're honoured to showcase British craftsmanship at the Hainan Expo and look forward to connecting with discerning customers who appreciate the artistry and exclusivity of our products. #LuxuryTech #GlobalMarket #Craftsmanship #China #MadeInEngland #HainanExpo #CGTN https://lnkd.in/eJNThNnV
2024 Hainan Expo: Why China: UK's only luxury phone maker makes debut in Haikou
news.cgtn.com
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#MarketInsights China's Economic Boom and the Luxury Sector China continues to rise as a leader in the global luxury market! Despite concerns about slow domestic demand and a struggling property market, China's GDP has surpassed expectations, growing by 5.3% in the first quarter of this year. 📈 This impressive growth is fueled by strong exports and manufacturing investment. As China solidifies its position as the world's largest consumer of personal luxury goods, there's never been a better time for luxury brands to tap into this thriving market. #ChinaEconomy #LuxuryMarket #GrowthOpportunities #GlobalLuxury #LuxuryConsulting #LuxuryTrends #EconomicBoom #ChinaGrowth #LuxuryBusiness #MarketInsights
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