To keep businesses up to date with developments in China, Reuter Intelligence – the leader in Asia luxury research – produces the China Luxury Briefing. It’s a weekly bulletin of news across luxury sectors – subscribe here to read about economic recovery, brand news and key insights.
As well as the weekly Briefing, Reuter Intelligence provides partners with a daily update of key luxury news:
Sales of luxury cars rise amid the pandemic
Shine, 25 May 2020
Sales of luxury cars in China grew in April with the overall market stable amid the COVID-19 outbreak. Luxury car dealers sold 277,000 units last month, an increase of 11.1 percent year on year, according to the China Automobile Dealers Association, while dealers in the passenger car market sold 1.48 million vehicles, down 10.5 percent year on year.
Alibaba reports 22% rise in quarterly revenue
China.org.cn, 23 May 2020
China’s e-commerce giant Alibaba on Friday reported a rosy quarterly revenue despite the economic impact of the COVID-19 pandemic.
The group’s revenue in its fourth quarter ending March 31 reached 114.31 billion yuan (about 16 billion U.S. dollars), marking an increase of 22 percent year-on-year.
Burberry shares climb on improving China sales, another sign of recovery for the luxury sector
Fortune, 22 May 2020
Burberry Group Plc said mainland Chinese stores have returned to growth, joining luxury rival LVMH in pointing to light at the end of the tunnel even as a lockdown-induced slump deepens elsewhere. Burberry shares rose as much as 4.3% on some signs of a rebound in the fashion industry’s key market. Since the start of April, the company’s sales have returned to growth in South Korea, too, as some consumers catch up on purchases thwarted by the virus.
Billionaire Guo Discovers the Retail Power of Live Streaming
Bloomberg, 22 May 2020
In a rare public appearance last week, Fosun Group founder and billionaire Guo Guangchang teamed up with one of China’s biggest online marketing celebrities to tout luxury resort packages and masks from French fashion label Lanvin.
Asia Gold-Demand slowly returns as top hubs reopen
Yahoo Finance, 22 May 2020
Physical gold demand picked up in top Asian hubs this week as economies gradually come out of coronavirus lockdowns and as investors continued to buy bullion as a hedge against a worsening economic backdrop.
China set to push economic policy to new limits as National People’s Congress begins
South China Morning Post, 21 May 2020
China is set to unveil a series of extraordinary economic policies at its annual parliamentary gathering on Friday, including a fiscal package that could surpass that used during the global financial crisis a decade ago, as Beijing seeks to tackle threats from the coronavirus and an increasingly hostile world, analysts say.
China’s Tmall Pushes 618 Shopping Festival With $1.41 Billion Stimulus
WWD, 20 May 2020
Alibaba’s Tmall is trying to push that into reality. It announced on Tuesday that during the upcoming 618 shopping festival, Tmall will, together with local governments and brands, release a stimulus plan worth more than 10 billion renminbi, or $1.41 billion, the largest amount this year, with cash consumption coupons and subsidies, starting next Monday.
What New Consumer Habits Will Stick Post-COVID-19? China Offers Clues
Forbes, 19 May 2020
As Americans navigate the country’s reopening, China is well ahead. Chinese officials relaxed a strict lockdown on the city of Wuhan on April 8 and have reopened many businesses, like restaurants and retail stores, though some restrictions remain. European countries are starting, albeit slowly, to follow suit. What’s happening in China today —particularly as it relates to consumer behavior and spending habits — may offer a preview of what we can expect when most businesses in the U.S. start to open their doors.