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Goldman Sachs - 1 Goldman - 1 Trip.com - 1 Kenneth Chow - 1 Oliver Wyman - 1 Chow - 1 It's - 1 Christine Peng - 1
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Chengdu China People's Republic of China Greater China Japan Thailand
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Chengdu Tianfu International - 1 China News Service - 1 Getty - 1 BEIJING - 1 China Film Administration - 1 Consumers - 1 CNBC - 1 UBS - 1

Search resuls for: "Kenneth Chow"


5 mentions found


☆ China's Golden Week holiday signals persistent consumer caution
  + stars: | 2024-10-09 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +4 min
Passengers line up to check in at Chengdu Tianfu International Airport on October 6, 2024 as China's week-long National Day holiday draws to a close. China News Service | China News Service | Getty ImagesBEIJING — China's Golden Week holiday affirmed a trend in more cautious spending, while consumers put greater emphasis on experiences. The Golden Week holiday in China commemorates the founding of the People's Republic of China on Oct. 1. "The Golden Week consumption could still suggest a modest recovery versus August, in our view, due to trade-in subsidies (for appliances and autos) and consumption vouchers issued by the local governments," Peng said. During Golden Week, mainland China recorded 765 million domestic trips, up from both the prior year and before the pandemic, according to the Ministry of Culture and Tourism.
Persons: Goldman Sachs, Goldman, Trip.com, Kenneth Chow, Oliver Wyman, Chow, It's, Christine Peng, Peng Organizations: Chengdu Tianfu International, China News Service, Getty, BEIJING, China Film Administration, Consumers, CNBC, UBS, Ministry of Culture, Tourism Locations: Chengdu, China, People's Republic of China, Greater China, Japan, Thailand
☆ Luxury stocks rally from China reopening, but world's largest luxury market may choose to shop 'in-house'
  + stars: | 2023-02-01 | by ( Lee Ying Shan | ) www.cnbc.com   time to read: +4 min
In the past, trips abroad often included personal luxury purchases for affluent Chinese consumers looking to take advantage of currency and tax benefits. CFOTO | Future Publishing | Getty Images"China's domestic luxury consumption should far exceed that of overseas luxury consumption," said Zhang, who estimates that in the long run, domestic luxury consumption will account for 70% of the Chinese luxury consumers' spending, and a mere 30% from abroad. That would be the inverse of spending patterns before 2017, when over 70% of Chinese luxury spending took place outside of China, according to Zhang. He added it is unlikely the share of overseas luxury shopping for Chinese consumers will recover to pre-pandemic levels of over 70%. The increasing digitalization of shopping processes has also facilitated Chinese shopping online for luxury goods, Bain & Co said in a report.
☆ China's Covid wave drives up consumer interest in insurance after health system shortfalls
  + stars: | 2023-01-26 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +7 min
For people planning to spend more on that health category, 47% said in December they intend to spend more on health insurance. "This experience is also driving increased interest in commercial health insurance which could cover access to premium private providers," Lipson said. Anecdotes depict a public health system overwhelmed with people at the height of the wave, and long wait times for ambulances. Some of the players in China's health insurance industry include Ping An , PICC and AIA . Hospital fundingHowever, one of the barriers to improving China's public health system is its fragmented financing system, according to Qingyue Meng, executive director at Peking University's China Center for Health Development Studies.
☆ As travel resumes, China's luxury shoppers ask: Paris or Hainan?
  + stars: | 2023-01-05 | by ( Casey Hall | ) www.reuters.com   time to read: +5 min
"When I would go to Paris, I couldn't ask the Paris sales people to keep a bag for me, but now here we can," she said. Under pandemic travel curbs, China's domestic luxury sales boomed, doubling to 471 billion yuan ($68.25 billion) from 2019 to 2021, according to Bain & Co. Even so, Chinese consumers' share of the global market fell to 21% in 2021 from 25% in 2019. "It will be interesting to see how new luxury consumers will perceive the difference between domestic and overseas luxury shopping," he said. ALTERNATIVESInternational travel restrictions and local policies to spur spending also drove many consumers to China's tax-free island of Hainan as a luxury shopping destination.
☆ Most Chinese shoppers are very cautious about going out, survey finds
  + stars: | 2022-12-29 | by ( Evelyn Cheng | ) www.cnbc.com   time to read: +1 min
BEIJING — Most Chinese people still don't want to leave their apartments, despite a relaxation in Covid-related restrictions, an Oliver Wyman survey found. More than 90% of consumers surveyed over the weekend said they are avoiding going out, the consulting firm said. Nearly 60% of respondents said they wouldn't be comfortable going out in public for at least the next few months. "We observed that many high streets and shopping malls were deserted in December," Kenneth Chow, principal, Oliver Wyman, said in an email this week. Anecdotally, while many more people went out to malls and attractions in Beijing over the weekend, not all stores had reopened yet.
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