As the number of high net worth individuals in China increases, people are developing a taste for luxury. According to The Hurun Report, a magazine known for its annual “China Rich List”, the number of dollar billionaires in mainland China surpassed that of the US for the first time in 2015, with 596 to the US’s 537. As a result, luxury pastimes from the West, such as car shows, auctions, yachting and polo, are making their way into the country. Even services like finishing schools are flourishing. What’s interesting is that these so-called Western luxury pastimes are taking on Chinese characteristics.
Michael Zakkour, co-author of China’s Super Consumers, on what makes the Chinese consumer tick, brand loyalty, targeting and lessons from local brands.
The Fall 2014 issue of CKGSB Knowledge is out! It has articles and interviews like: COVER STORY: Around the World: In a circuitous way, billions of dollars rely on an international game of legal cat and mouse. China’s top companies use variable interest entities, but now the Alibaba IPO is shining a light on this legal grey area. CHINA BY NUMBERS: From […]