“Chinese Fashionistas Get Best Deals on Gucci, Hermès Bling” (Bloomberg)
“Sales in China of goods from Europe’s most prestigious fashion houses have been damped by the government’s anti-graft campaign, which has curbed gift-giving. And steep import and consumption taxes on luxury goods bought in China have led an increasing number of wealthy locals to shop more while overseas. Left with stacks of unsold merchandise in their mainland stores, high-end brands are resorting to something they rarely had to do earlier: price-cutting.”
“Chinese Are Traveling More But Shopping Less” (The Wall Street Journal)
“Almost 100 million Chinese took trips abroad last year, accounting for 9% of international trips outside China, according to the World Tourism Organization. They outspent travelers from other countries, accounting for 27% of the value of all tax-refund claims made in 2013 with Global Blue, which processes refunds at airports for shoppers visiting from abroad. But the shopping craze is losing its momentum.”
“Shoppers or Smugglers? China Cracks Down on ‘Daigou’ Boom” (CNN)
“Chinese are the biggest buyers of luxury goods globally, making 29% of all purchases, according to consultants Bain & Company, and these purchases are increasingly being made abroad, mostly by tourists, but also by people like Zhang. Many young Chinese studying in places like New York, London, Paris and Tokyo have started ad hoc businesses, with Bain saying that Chinese luxury sales will become increasingly reliant on this kind of ‘parallel trade.’”
“Amazon in Shanghai E-Commerce Pact” (BBC)
“Amazon's branch in China has signed a memorandum of understanding with the Shanghai FTZ and Shanghai Information Investment Limited. The deal paves the way for Amazon to bring millions of its e-commerce product offerings from around the world directly to Chinese customers.”
“Sending the Right Message in China” (The New York Times)
“Face is very important. You should never make your team or your friend lose face. What exactly should you do to avoid such mistakes? It’s difficult to explain, because it’s something very subtle. I think when non-Chinese C.E.O.s come to China, they should pay particular attention to their translators. It’s not what they are saying, but how their translators convey the message that is important.”
