Interesting article in a recent edition of The Wall Street Journal about Chinese consumers are shying away “from the most ostentatious logos and displays of wealth”.
“It isn’t as if the Chinese have lost their taste for luxury items, the companies say, they just want them in more subtle forms,” the article read, adding that “The shift to understated items is led by consumers in Beijing and Shanghai, the two most developed metropolises.”
“Consumer sentiment has been changing over time. In 2010, 52% of wealthy consumers, whose annual household income exceeded 250,000 yuan ($39,283), preferred luxury items that were understated, up from 32% two years earlier, according to the most recent data from consultancy McKinsey & Co., which surveyed 1,500 Chinese consumers in 17 cities.”
Some important insights there about how vintners should market their wine.