The Bling Dynasty

Why the luxury market's fate rests in Chinese walletsThe media has negatively focused on the Chinese politicaladministration clamping down on gifting. Observers have come todoubt the strength of Chinese consumption as the key driver forluxury. The Bling Dynasty illustrates how doubts aboutChinese consumption are ill-founded and Chinese luxury demand is onthe cusp of becoming dominant.This book contains the research and expert views companies needto understand and address the new challenges posed by thisdominance. Each chapter brings a different perspective, coveringcomplex aspects of luxury consumption, with illustrations andreal-world examples that support the research. Readers will gaininsights through interviews with brand executives, retailers,experts, and consumers.As an economic heavyweight, China is fast realizing its role inthe luxury market. Chinese consumers should be accounting for morethan a third of the global luxury market today, and half, if notmore, in ten year's time. The Bling Dynasty runs counter tothe conventional wisdom that expanding sectors become more global.Luxury is actually becoming over-dependent on Chinese sales.Readers will:* Understand how Western brands developed in Asia and thechallenges they are met with, notably ubiquity* Learn why Chinese are purchasing luxury items abroad and whatit means for the future of the sector* Gain insights on why there are no Chinese luxury brandschallenging Western models* Realize that Chinese consumers are becoming similar to theirAmerican peers and that luxury competition goes way beyondpre-conceptionsChina's big spenders are increasingly mobile and this isaffecting key markets. The Bling Dynasty provides newresearch and a comprehensive look at the booming business of luxuryand the Chinese wallet.

Acknowledgments ixAbout the Author xiList of Terms xiiiForeword xvIntroduction: The New Silk Road xviiPart 1: West Goes East 1Chapter 1: Eastern Promises, Delivered 3Chapter 2: The Only Way Is Up 31Chapter 3: Another French Paradox 53Chapter 4: Deconstructing the Myth 75Part 2: East Goes West 93Chapter 5: The Trouble with Travel 95Chapter 6: Why Chinese Travel and Where To 107Part 3: East Meets East 141Chapter 7: Are Chinese Brands a Threat to Western Models? 143Part 4: The World Meets 161Chapter 8: Pop Culture, Value for Money and Globalisation 163Chapter 9: The Chinese Luxury Empire 183Chapter 10: All In: Coach, Apple and the Cosmetic Surgeon 197Conclusion: The Bling Supremacy 211Epilogue: What Is True Luxury? 213Appendix A: Luxury Goods Basics 219Appendix B: China Statistics 225Index 227