Action is needed to prepare for our next reality now AI and XR technologies mature, argues Alvin Wang Graylin at the introduction of his book Our Next Reality: Preparing for the AI-powered Metaverse at the Stanford Digital Economy Lab.
Alvin Wang Graylin is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.
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Days are gone when Chinese consumers carried large plastic bags of cash to pay for houses, cars, international trips, and other big-ticket purchases. Credit cards are big among especially younger consumers, says Shanghai-based business analyst Shaun Rein at the WSJ.
Shaun Rein is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.
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After a lackluster start of 2024, consumer expert Ben Cavender sees a modest improvement in consumer sentiment in China, he tells Reuters. He said some companies were thinking about how to grow their business in China again after years of holding off on investing, which was helping sentiment to improve.
Reuters:
Other analysts said the spending data could be a turning point, as consumption in China has struggled to recover since the lifting of COVID curbs, weighed down by a property market downturn, high youth unemployment and concerns over job security amid an economic slowdown.
“Our sense is that there is a small but growing sentiment within white collar jobs that the market situation is improving and this is also leading to greater willingness to spend,” said Ben Cavender, managing director at Shanghai-based China Market Research Group.
He said some companies were thinking about how to grow their business in China again after years of holding off on investing, which was helping sentiment to improve.
In February, average spending per trip during the Lunar New Year holiday, one of the biggest holidays, fell 9.5% versus 2019 according to Reuters calculations based off government data, prompting analysts to say that “consumption downgrading” was still happening.
Ben Cavender is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.
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The USA is dealing with huge problems and cannot afford to challenge China directly, but decided to stabilize the relations between both countries, says Shanghai-based business analyst Shaun Rein to CNBC-TV18. But the USA is for sure keeping economic pressure going, he adds.
Shaun Rein is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.
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Political analyst Victor Shih breaks down the relations between China, the US, and the rest of the world in a discussion from the Chevron Auditorium in the I-House on “China-US Futures: Pathways to Peaceful Coexistence”. Key takeaways: many problems perceived by American politicians with China are not as bad as they try to let us believe.
Victor Shih is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.
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China’s economy is facing rough weather, but while the luxury market has its problems, some segments are doing better than ever, says Rupert Hoogewerf, Hurun Report Chairman and Chief Researcher at the Hurun Report. And more important, the happiness of China’s high net worth individuals is increasing he adds at the 20th anniversary of the Hurun Best of the Best Awards.
Rupert Hoogewerf:
“This year marks the 20th anniversary of the Hurun Best of the Best Awards, our 20th year of tracking the brand choices and lifestyle changes of China’s luxury consumers.”
“Although the size of the luxury car market, defined as cars costing over CNY500,000, has continued to shrink, the size of other premium industries has basically increased, especially the likes of luxury travel and traditional luxury, bringing the overall size of China’s premium market up 3% to CNY1.7tn. In China, this is one of the rare trillion-Yuan industries, others including elderly care, automobiles, real estate, etc… China’s luxury consumers are now undoubtedly the world’s biggest spenders when it comes to luxury in the world.”
“With the global economy facing many uncertainties, the Hurun Economic Confidence Index of China’s high net worth individuals has declined for the second year, but is still at a high level compared with the past. This year, the Hurun Happiness Index is at its highest level for a decade, especially for Generation X and in terms of family life.”
“In the coming year, China’s HNWIs surveyed plan to increase their investments in gold, funds and bank deposits, and decrease their investments in real estate, both for residential and commercial, and art.”
“Gifting continues to be on the rise again, with Chinese HNWI males preferring to gift watches, baijiu and electronic products.”
“The priorities of China’s HNWIs have changed dramatically. ‘Health’ becomes the most important thing. High net worth individuals also increased their enthusiasm for exercise by 20%. The UHNWIs demand nutritionists and family doctors more than investment advisers.”
Rupert Hoogewerf is a speaker at the China Speakers Bureau. Do you need him at your meeting or conference? Do get in touch or fill in our speakers’ request form.
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Hong Kong-based marketing guru Ashley Dudarenok discusses the way China’s market is different from the rest of the world in terms of platform, consumer behavior, and other elements of the crowded and fast-moving market. A debate on Vistatalks with Maria Coa.
Ashley Dudarenok is a speaker at the China Speakers Bureau. Do you need her at your meeting or conference? Do get in touch or fill in our speakers’ request form.
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