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☆ New York City's Fifth Avenue has been dethroned as the world's most expensive shopping street — here's the new Top 10
▼ + stars: | 2024-11-20 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +1 min

AdvertisementMilan has dethroned New York City as home to the world's most expensive street in retail. Via Monte Napoleone boasts annual rents of $1,959 per square foot, per a new report. New York City's Fifth Avenue has been dethroned as the most expensive shopping street in the world, according to a new report from a global real estate firm. Milan's Via Monte Napoleone has taken the crown — marking the first time a European city has topped a list compiled by property consultancy Cushman & Wakefield. Here are the 10 most expensive shopping streets worldwide, according to Cushman & Wakefield.

Persons: Shou Zi Chew, Andreas Siebert, Gucci, Saint Laurent, Kering, it's Organizations: New, New York, Cushman & Wakefield, Cushman & Locations: Milan, New York City, Napoleone, New, Singapore, Tokyo, Paris, Zurich, Via Monte Napoleone, Blackstone, Cushman & Wakefield

☆ Milan’s Via Monte Napoleone is now the world’s most expensive shopping street
▼ + stars: | 2024-11-20 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Milan’s Via Monte Napoleone has beat out New York’s Fifth Avenue to become the world’s most expensive shopping street, marking the first time a European city has topped the rankings. The Gucci store on Fifth Avenue in New York City, seen in March 2024. In April, Gucci parent Kering paid €1.3 billion ($1.4 billion) to acquire a building on Via Monte Napoleone from a subsidiary of Blackstone. The world’s 10 most expensive shopping locations, by rent per square foot, according to Cushman & Wakefield:1. Via Monte Napoleone, Milan2.

Persons: Thomas Casolo, ”, Gucci, Michael M, Robert Travers, Kering, Blackstone . Chanel, Versace, Cartier, Celine Organizations: London CNN, New, Cushman &, Bond, Hong, Cushman, Wakefield’s, Italy, CNN, Via, Blackstone ., Henley & Partners, Cushman & Wakefield, New Bond, Tsui, Pitt, Mall Locations: Napoleone, Cushman & Wakefield, Paris, New York City, Europe, East, Africa, Via Monte Napoleone, Bottega, Milan, New York, London, Hong Kong, Ginza, Tokyo, Bahnhoftstrasse, Zurich, Sydney, Myeongdong, Seoul, Kohlmarkt, Vienna

☆ Luxury brands forgot about Gen Z. They can't afford to make that mistake again.
▼ + stars: | 2024-11-16 | by ( Maria Noyen | ) www.businessinsider.com time to read: +7 min

But now it appears that some luxury brands have forgotten that aim. Dukas/Getty ImagesRay of Buttermilk said that some luxury brands have been hesitant to explore collaborations as a means of engaging Gen Z consumers because they fear losing their luxury allure. The future is vintageLuxury players might be kicking themselves for alienating Gen Z consumers, but Gen Zers never forgot about luxury. But secondhand's success isn't bad news for primary luxury brands, Escribano said. Bar certain luxury products like Hermès Birkins handbags, secondhand luxury is by and large cheaper and retains a level of exclusivity, she said.

Persons: Bain, Louis Vuitton, Z, Gen Z, There's, Claudia D'Arpizio, Blanca Zugaza Escribano, Gen, D'Arpizio, LVMH, Prada, Sabrina Carpenter, Marleen Moise, Getty, Jamie Ray, Escribano, Gen Z's, Thomaï, They've, Gen Zers, Z's Organizations: Louis, Prada, Bain & Company, Industry, Bain, Business, NYU's Stern School, Gen Locations: Hermès

☆ Federated Hermes: We like small- and mid-cap tech stocks on growth prospects in a less-crowded space
▼ + stars: | 2024-11-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFederated Hermes: We like small- and mid-cap tech stocks on growth prospects in a less-crowded spaceCharlotte Daughtrey of Federated Hermes is positive on the SMID space as they are trading at a discount and should benefit from the Fed rate cut cycle. She says both US presidential candidates are pro-growth, which will benefit these companies.

Persons: Daughtrey, Hermes Organizations: Federated

☆ Japanese shoppers are entering their spending era. Not all luxury brands stand to benefit.
▼ + stars: | 2024-11-03 | by ( Maria Noyen | ) www.businessinsider.com time to read: +5 min

Luxury sales in Japan surged due to a weakened yen and increased tourist spending. Brands like Hermès are thriving there by aligning with Japanese values of subtlety and quality. Rasmus Jurkatam/Getty ImagesBut in Q3, both LVMH and Kering reported a slowdown in luxury spending in Japan. Still, while the tourist spending may have faded somewhat, experts say Japanese consumers are emerging from a frugal era and spending on luxury themselves. But the Japanese aren't just splashing their cash anywhere — a bitter pill for some luxury brands to swallow.

Persons: —, Amrita Banta, Kering, Rasmus Jurkatam, Jelena Sokolova, Daniel Langer, Martin Roll, Birkin, Banta, Louis Vuitton, Roll, Langer, " Langer Organizations: Brands, Service, Research, Gucci, Morningstar, Pepperdine University, McKinsey, Prada Locations: Japan, China, India

☆ How Hermès is bucking the global luxury slowdown
▼ + stars: | 2024-10-31 | by ( Natalie Rice | ) www.cnbc.com time to read: +2 min

French luxury company Hermès has spent nearly 200 years emphasizing quality, scarcity and desirability — a strategy that's helped it dominate the luxury sector, even over its much larger rivals. Analysts say the Birkin and the Kelly account for between 25% and 28% of Hermès' total revenue. For fiscal year 2023 Hermès reported the fourth-highest revenue total of the major luxury fashion brands, behind LVMH , Richemont and Kering . In its most recent quarter, Hermès posted double-digit revenue growth while competitors LVMH and Kering reported sharper-than-expected declines in sales. Globally, many luxury consumers have pulled back on spending, particularly aspirational buyers in 2023 and 2024.

Persons: Hermès, Birkin, Kelly handbags —, Jane Birkin, Princess Grace Kelly of Monaco, Kelly, Luca Solca Organizations: Bernstein Locations: LVMH

☆ Portfolio manager: Path towards lower inflation in the U.S. will see a 'reversal' in 2025
▼ + stars: | 2024-10-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPortfolio manager: Path towards lower inflation in the U.S. will see a 'reversal' in 2025Deborah Cunningham of Federated Hermes says both U.S. administrations' policies will cause inflation to pick up. She sees most impact of increased volatility to be on short term bond yields.

Persons: Deborah Cunningham, Federated Hermes Organizations: Federated Locations: U.S

☆ Miu Miu is hot right now — and Prada's chic sibling is helping it buck the luxury slowdown
▼ + stars: | 2024-10-31 | by ( Maria Noyen | ) www.businessinsider.com time to read: +3 min

This was largely due to the success of its sister brand, Miu Miu. AdvertisementPrada Group is defying the luxury slowdown thanks to its Miu Miu brand. Miu Miu products, like its micro skirt, have a cult following among Gen Z consumers. Related stories"Likewise, Miu Miu would probably not be experiencing this type of growth today if it hadn't been part of a larger group," Bonini added. In a note to clients on Wednesday, Bernstein analyst Luca Solca said that the brand's current trajectory "confirms our view that the market is underappreciating the growth that Miu Miu can generate in the next 12 to 18 months."

Persons: Miu Miu, —, Kering, Miuccia Prada, Emily Ratajkowski, Hunter Schafer, Hailey Bieber, Blanca Zugaza Escribano, execs, Andrea Guerra, Prada, Andrea Bonini, Miu, Bonini, Bernstein, Luca Solca Organizations: Prada, Service, Hermès Locations: China

☆ These are the telltale signs of a fake Hermès Birkin, according to a vintage luxury expert with 20 years of experience
▼ + stars: | 2024-10-29 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +4 min

A vintage expert with 20 years of experience says there are telltale signs to spot a fake Hermès Birkin. Here's what to look out for when picking out a vintage Birkin. I've learned strategies that help me identify specific things about luxury bags, from their model to configuration, just by looking at a piece. Here are tips on detecting if the vintage Birkin you're eyeing is authentic. Edward Berthelot/Getty ImagesIf you have a Hermès Birkin, you will know that the way the leather is treated gives it an almost perfumed smell.

Persons: Birkin, —, Koyaana Redstar, Louis Vuitton, Chanel, I've, Kelly, Hermès, Counterfeiters, Hermès Birkin, Dario Cantatore, they've, That's, Birkin suede, Edward Berthelot Organizations: telltale, Service, Luxe, eBay, Rebag Locations: Los Angeles, New York, Hermès

☆ Hermès isn't just surviving the luxury slump — it's thriving
▼ + stars: | 2024-10-24 | by ( Maria Noyen | ) www.businessinsider.com time to read: +5 min

The French fashion house is bucking the trend of the luxury industry as competitors like LVMH stutter. Hermès is succeeding while peers struggle because it follows the law of luxury to a tee, analysts say. AdvertisementIf the luxury slump is an epidemic, Hermès is managing to stay immune. The fashion house is reaping the rewards of a long-term strategy and abiding by the fundamental laws of luxury. AdvertisementIn the luxury fashion world, there's a growing belief that "getting attention is everything," Pedraza said.

Persons: Hermès, —, LVMH, Kering, Hermès Birkin, Sarah Jacobs, Carole Dupont, Eric du Halgouët, Pietri, Martin, Roll, Milton Pedraza, Pedraza, Hermés Organizations: Service, New York Loan, Business, Investor Relations, Hermès, Finance, McKinsey, Paris Thomson Reuters, Luxury Institute Locations: Asia, Japan, China, Switzerland, Paris, LVMH

☆ European stocks set for another mixed open with more earnings to come
▼ + stars: | 2024-10-24 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European stocks are expected to open in mixed territory on Thursday, as traders await another batch of earnings reports, and as U.S. market declines weigh on global sentiment. The U.K.'s FTSE 100 index is expected to open 26 points higher at 8,281, Germany's DAX down 6 points at 19,377, France's CAC down 3 points at 7,495 and Italy's FTSE MIB up 17 points at 34,532, according to IG data. It's another busy day of European earnings on Thursday with Barclays , Renault , Unilever , Hermes , Sodexo , Saab, Danone and Dassault Systemes among those reporting.

Persons: Germany's DAX Organizations: France's CAC, Barclays, Renault, Unilever, Hermes, Saab, Danone, Dassault Systemes

☆ CNBC's Inside India newsletter: A poorly timed IPO?
▼ + stars: | 2024-10-24 | by ( Ganesh Rao | ) www.cnbc.com time to read: +6 min

Shares of carmaker Hyundai 's Indian subsidiary started trading this week with much anticipation, only to drop by some 7% on its debut. Despite such success, it appears as if the stock market has given Hyundai the cold shoulder this week. First, the money raised by the stock market listing is being fed back to Hyundai's Korean parent. With the listing, the Indian subsidiary now commands nearly half the market capitalization of its Korean parent. However, the Indian subsidiary must now pay a flat 3.5% of total revenue going forward.

Persons: Ashish Vaishnav, Hyundai, it's, Gaurav Narain, Maruti Suzuki, China's, Narain, Kapil Singh, Singh, Ashish Jain, Pratik Organizations: Hyundai, Getty, Investors, Growth Fund, London Stock Exchange, ICG, Federated Hermes Global Emerging Markets Equity Fund, Maruti, Equity, Macquarie Locations: MUMBAI, MAHARASHTRA, INDIA, Mumbai, India, Korea, Hyundai India

☆ Luxury stocks may be a risky China stimulus bet
▼ + stars: | 2024-10-19 | by ( Hakyung Kim | In Hakyungkim | ) www.cnbc.com time to read: +7 min

A post-pandemic spending surge led to luxury stocks such as LVMH to reach all-time highs in early 2023, but that soon changed. We believe improved confidence and sentiment is required to reach even our flat year-over-year Chinese luxury growth forecast for 2025," Wallace noted. Luxury stocks are feeling the pressure — year to date, U.S.-traded shares of major players LVMH and Kering are down about 17% and 41%, respectively. Analysts and investors are mixed as to whether the Chinese stimulus measures can revive luxury spending growth among consumers — and whether it will create a meaningful tailwind for luxury companies. Whether the luxury sector can continue growing at the same levels without as much Chinese consumer spending remains in question.

Persons: — stoking, Ben Harburg, Morgan Stanley, Ashley Wallace, Wallace, Jean, Jacques Guiony, Moncler, Hermes, Prada, Richemont, LVMUY CFRUY, —, Edouard Aubin, Sauron, Harburg, LVMH's Guiony, we've Organizations: Alpha, Bank of America, of America, Consumers Locations: China, Covid, 3Q24, U.S, LVMH

☆ LVMH had a rough week. That's a bad sign for the luxury sector.
▼ + stars: | 2024-10-19 | by ( Madeline Berg | ) www.businessinsider.com time to read: +7 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . LVMH, the largest of the luxury conglomerates, announced its third-quarter earnings this week, and the results were grim. AdvertisementWhile personal luxury sales in China grew by more than 37% each year from 2019 through 2021, that annual growth is not expected to hit more than 4.2% through 2028, according to EMARKETER data. AdvertisementEMARKETER's Canaves pointed to the collaborations and moves toward streetwear that helped some brands emerge from the last luxury slump. Of course, any expansion into new categories should not take attention from handbags and clothing, the revenue drivers of luxury brands.

Persons: LVMH, —, Louis Vuitton, Salvatore Ferragamo, Goldman Sachs, Gucci, Hermès, Jean, Jacques Guiony, Adam Cochrane, Chanel, Canaves, Guiony, Birkin, Deutsche Bank's Cochrane, Cartier, Brunello Cucinelli, Rambourg, Louis Organizations: Service, Revenue, Louis, Burberry, Business, Deutsche Bank, Gucci, Deutsche Bank's, Chez Locations: China, Asia, Japan, COVID, streetwear, Paris

☆ Origins of humanity’s love of carbs revealed, new study suggests
▼ + stars: | 2024-10-18 | by ( Katie Hunt | ) edition.cnn.com time to read: +6 min

CNN —The origin of modern humans’ long-standing love affair with carbs may predate our existence as a species, according to a new study. The study revealed these genes duplicated long before the advent of agriculture. Without amylase, humans would not be able to digest foods such as potatoes, pasta, rice or bread. The research also revealed duplication of the AMY1 gene existed in the genomes of Neanderthals and Denisovans, an extinct hominin first discovered in 2010 about whom relatively little is known. “This study’s genomic sleuthing is helping to finally time stamp some of those major milestones, and it is revealing tantalizing clues about humanity’s long love affair with starch.”

Persons: ”, Feyza Yilmaz, —, sapiens, AMY1, Taylor Hermes, wasn’t, ” Hermes, “, Christina Warinner, John L, Loeb, Warinner Organizations: CNN, The Jackson Laboratory, University of Buffalo, Jackson Laboratory, University of Arkansas, Social Sciences, Harvard University Locations: Farmington , Connecticut, New York

☆ Luxury stocks slide as LVMH disappoints and Wall Street eyes few signs of stronger China demand despite stimulus
▼ + stars: | 2024-10-16 | by ( Kelly Cloonan | ) www.businessinsider.com time to read: +4 min

The Dior and Louis Vuitton parent pointed to weak consumer demand in China. Wall Street analysts say recent stimulus measures likely won't be enough for spending in China to rebound. The company pointed to overwhelmingly weak demand in China, with organic sales in Asia (excluding Japan) falling 16%. The company gave vague forward guidance, and analysts on Wall Street say the country's recent stimulus won't be enough to reverse the weak demand. China's latest stimulus package, unveiled late last month, has aimed to prop up the country's weak consumer demand and struggling property sector.

Persons: LVMH, Hermes, Dior, Louis Vuitton, —, Christian Dior, Jean, Jacques Guiony, Guiony, We've Organizations: L'Oreal, Wall Street, Service, Wall, Citigroup Inc Locations: China, Asia, Japan

☆ China's luxury market has been in a slump, and we're about to find out how bad it really is
▼ + stars: | 2024-10-15 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +4 min

China's luxury market could face its worst quarter in four years, amid aggressive stimulus measures. AdvertisementLuxury brand investors are bracing to see if China's aggressive stimulus measures could be enough to pull its faltering luxury market out of the woods. While Beijing's recent moves to inject liquidity and lower interest rates have sparked some hope in pulling Chinese shoppers out of their spending slump, experts are skeptical of an immediate revival of China's luxury market. Related storiesWhile China's poor economic growth had deterred luxury spending for some, others continued their luxury shopping sprees — outside China. AdvertisementAlthough the outlook for China's luxury market remains bleak in the short run, Jefferies analysts are expecting a recovery as soon as 2025, Reuters reported.

Persons: bellwether, —, Markus Hansen, LVMH, Patrice Nordey, Trajectry, Nordey, Marc Jacobs, Hermès Organizations: Service, Burberry, Reuters, CNBC, Jefferies Locations: China, Asia, Japan, Paris, Shanghai, LVMH

☆ Google inks deal with nuclear company as data center power demand surges
▼ + stars: | 2024-10-14 | by ( Pippa Stevens | ) www.cnbc.com time to read: +3 min

Google said Monday that it will purchase power from small modular reactor developer Kairos Power, as tech companies increasingly turn to nuclear power as a way to fulfill the growing energy demands from data centers. Monday's announcement is another example of the growing partnership between tech companies and nuclear power. Data centers need 24/7 reliable power, and right now nuclear is the only source of emissions-free baseload power. Many hyperscalers have ambitious emissions-reduction targets, which is why they're turning to nuclear power. Constellation Energy is restarting Three Mile Island to power Microsoft data centers, while Amazon bought a data center from Talen Energy that's powered by the Susquehanna nuclear power plant.

Persons: Kairos Power, Michael Terrell, SMRs, Bill Gates, Sam Altman, Jeff Bezos, Terrell Organizations: Google, Kairos, U.S, Department of Energy, —, Constellation Energy, Microsoft, Amazon, Talen Energy, Susquehanna Locations: Mountain View , California, Oak Ridge , Tennessee

☆ This dividend strategy can bring in income and help you sleep at night
▼ + stars: | 2024-10-14 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

"The people who want us, find us and sleep at night," said Peris, who manages the Strategic Value Dividend Fund and the U.S. Strategic Dividend exchange-traded fund . What to look for in dividend stocks Peris leans more "old economy" when looking for stocks, focusing on names that are everyday brands that people know. The U.S. Strategic Dividend ETF has an adjusted expense ratio of 0.5% and 3.19% 30-day SEC yield. A-shares of the Strategic Value Dividend Fund (SVAAX), which have an adjusted expense ratio of 1.06%, have a 30-day SEC yield of 3.27%, as of Sept 30. "The dividend investor's focus has to be, by definition, on — does this income stream add up?

Persons: Hermes, Daniel Peris, Peris, they've, they're, Buybacks Organizations: Federal Reserve, U.S, Strategic, CNBC, SEC, Holdings Locations: U.S, SVAAX, Silicon Valley

☆ These 10 watches make the smartest investment pieces
▼ + stars: | 2024-10-12 | by ( Madeline Berg | ) www.businessinsider.com time to read: +4 min

The secondary watch market has declined over the past two years. But watches from the Big Three brands — Rolex, Patek Phillipe, and Audemars Piguet — are still reselling for higher than their retail prices. Advertisement2024 has not been kind to the watch market. Meanwhile, inventory is flooding the resale market as those who purchased watches as an investment when the market was hot rush to cash out. Prices on the secondary market are dictated by supply and demand.

Persons: Patek Phillipe, —, Morgan Stanley, Patek Philippe, Charles Tian, Audemars, Paul Altieri, Tian, Rüstmann, Chrono24 Organizations: Big, Rolex, Service Locations: WatchCharts

☆ 5 telltale signs of a fake luxury handbag, according to a vintage goods expert with 20 years of experience
▼ + stars: | 2024-10-09 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +5 min

A vintage expert with 20 years of experience says there are five telltale signs of a fake designer bag. Jeremy MoellerConsidering if a luxury bag is legit could come down to the nitty-gritty — because you must look at the finishings. Does it feel cheap and light, or does the fabric feel luxurious, like someone took the time to construct this properly? Do the engravings on the hardware look flimsy and shoddily put together? If you're holding a Fendi baguette bag, does the fabric or leather feel luxurious?

Persons: Gucci, Hermes, Louis Vuitton, —, Koyaana Redstar, Kate Spade, I've, Jeremy Moeller, Marmont, Edward Berthelot, Birkin, Hermes Birkin, Louis, I'm, shoddily, Phillips, Chanel, flatheads, That's Organizations: telltale, Service, Luxe, eBay, Rebag, Gucci, Louis Vuitton Locations: Chanel

☆ Zara's website is a confounding headache — but it's also the secret to its success
▼ + stars: | 2024-10-08 | by ( Maria Noyen | Nora Redmond | ) www.businessinsider.com time to read: +5 min

Zara's website is often ridiculed for being confusing. This helps Zara target aspirational shoppers who can't afford to splurge on high fashion. Luxury giants such as LVMH and Kering have seen sales slow in recent months, in part because aspirational shoppers are being squeezed. Zara stores have a minimalist look. It's reminiscent of the experience of browsing luxury brands online, she says, where customers looking to add a ready-to-wear item to their basket often have to find a boutique where the product is available first.

Persons: —, Zara, Kering, it's, Rober, Tariro Makoni, Makoni, Burberry, Gucci, Carlotto, Omer Messinger, Yves Saint Laurent's, Stefano Pilati, Cindy Crawford, Kaia Gerber, Mike Marsland, Sokolova, Zara ., Crawford, Kaia —, Saint Laurent Organizations: Service, Europa Press, Getty, Business, Sotheby's Institute of Art Locations: Zara, Instagram, Paris, Saint

☆ Dior and Gucci owners suffer $14 billion wealth crash as luxury stocks slide
▼ + stars: | 2024-10-08 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The ultra-rich owners of the world's leading luxury brands took a hit to their fortunes on Tuesday. LVMH shares fell as much as 7% in Paris on Tuesday, slashing the value of his stake by about $13 billion, before paring their decline to 3%. Arnault ranked as the world's fourth-richest person with a $197 billion net worth at Monday's market close, per the Bloomberg Billionaires Index. Pinault was 83rd in the wealth rankings with a $24 billion fortune at Monday's close, down more than $11 billion this year. For example, the Dumas family owes most of its estimated $150 billion fortune to Hermès stock, which slid 3% on Tuesday.

Persons: Bernard Arnault, —, LVMH Moët Hennessy Louis Vuitton, Dior, Arnault, François Pinault, Gucci, Kering, Pinault, Dumas, Johann Rupert's, Cartier, Piaget, Remo Ruffini isn't, Forbes, Chanel isn't, Alain, Gérard Wertheimer, they're Organizations: Service, Bloomberg Locations: LVMH, Paris, China, Monday's

☆ What screams 'status' on Wall Street? Here's how the movers and shakers of finance are spending their money.
▼ + stars: | 2024-10-02 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +14 min

That said, everyone seemed to agree that the days of logo-forward purchases and other conspicuous signs of wealth are over — even on Wall Street. The industry's movers and shakers are still into name brands but are leaning into those that exude "quiet luxury." And where there are celebrities and influencers, there tend to be Wall Street dealmakers. It's not surprising that high-earners on Wall Street would have second homes (or, in many cases, multiple). The HamptonsThe beach towns of the Hamptons have long been a Wall Street favorite thanks to their proximity to Manhattan.

Persons: —, Ken Griffin, David Solomon, Goldman Sachs, Stephen Schwartzman, Blackstone, Jessica Cadmus, Cadmus, Marie Kondo —, I've, I'd, Zegna, Tom Ford, Claudio Lavenia, Van, Cartier, Jeremy Moeller, Hermes, Gucci, Jeremy Strong, Armani, Max Mara, Celine, Bottega, It's, it's, Sean Zanni, Wall Streeters Organizations: Service, Goldman, JPMorgan, Business, Paris Olympics, Bloomberg, Citadel, Anadolu, Getty, Wall Street, Street, BI, Wall, HBO, Hamptons Locations: Queens, New York, New York City, Africa, Costa Rica, Bottega Veneta, Manhattan, Montauk, Nantucket, Cape Cod, East Hampton , NY, Hudson

☆ Young Chinese are looking for dupes and cheaper substitutes for everything from Hermès to travel
▼ + stars: | 2024-09-30 | by ( Huileng Tan | Matthew Loh | ) www.businessinsider.com time to read: +9 min

Chinese consumers are opting for affordable alternatives across various categories to save money. The trend, known as pingti, is driven by economic challenges and is popular among young people. Consumers are finding cheaper substitutes for luxury goods, everyday items, and even healthcare. It's now become a trend in China to save on nearly every consumer category, from luxury goods to everyday consumables to travel, with cheaper substitutes. A Bank of America survey of 1,052 adult Chinese consumers showed weakening consumer sentiment, with 30% of respondents planning to spend more — down from 45% in June.

Persons: —, It's, Bobbi Brown, Estée Lauder, MingYii Lai, it's, Lindy, Hermes Lindy, Lai, Ruth Jin, Xiaohongshu Cleo Xie, they've, She's, Xie, Jin, Yves Saint Laurent, Keith, she's Organizations: Service, Daxue Consulting, Bottega, Prada, University, Dai, PPI, Bank of America Locations: China, Xiaohongshu, Beijing, Ili, Xinjiang, Provence, France, Xishuangbanna, Laos, Myanmar, Bangkok, Thailand, Chengdu, Europe, Asia

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