Luxury goods in China Essay

Life is getting harder for purveyors of luxury in China, but the growth prospects are still fabulous Jun 8th 2013 | SHANGHAI |From the print edition â€Å"IT WAS AN AMAZING GOLDEN AGE,† REFLECTS GUILLAUME BROCHARD OF QEELIN, A CHINESE jeweller. From 2007 to 2011 many luxury-goods firms enjoyed double-digit annual growth in China, which became their most important market. The first blows came last year, with an economic slowdown and jitters about the political transition. Now, a crackdown on corrupt gift-giving and a populist backlash against ostentation have added to the woes. The outlook for luxury-goods firms appears to have dimmed. Internet users have posted incriminating pictures, for example of poorly paid bureaucrats wearing suspiciously pricey watches, which have caused heads to roll. Mobs have also disrupted banquets deemed to be too lavish, on occasions forcing officials to their knees to beg for forgiveness. This has traumatised some purveyors of conspicuous consumption. Beijing Xiangeqing, an upmarket catering outfit that is usually highly profitable, plunged into the red last quarter. Sales of shark fin, the key ingredient of a soup served at fancy dinners, are down by around 70% year-on-year. Imports of bottles of Bordeaux costing more than $800 have collapsed. But look beyond the lavish public banquets and a more complicated picture emerges —AND NOT JUST BECAUSE DEVIOUS OFFICIALS ARE NOW THROWING THEIR EXTRAVAGANT PARTIES IN private. It is true that some luxury-goods firms are grappling with slowing demand in China: imports of Swiss watches, for example, fell 24% year-on-year in the first quarter of 2013. But Andrew Keith of Lane Crawford, a high-end department store that first opened in Hong Kong in 1850, reports no slowdown at his stores there or in Beijing. Burberry, a British fashion brand, enjoyed sales growth in China of about 20% in the year to March. Sales of private jets in China are still soaring. So what is really going on? It seems that China remains the biggest prize in the luxury industry, but the low-hanging fruit is gone. Luxury firms must now venture beyond the coastal cities where they have made easy fortunes, cultivate new types of customers and market niches, and experiment with new business models. It will be worth the effort. Despite the recent troubles, Bruno Lannes of Bain & Company, a consultancy, insists that â€Å"Chinese have become, and will remain for a long time, the most important luxury consumers. † His firm estimates that luxury sales in greater China (which includes Taiwan, Hong Kong and Macau) will grow by 6-8% this year, ? 2 ? ? 3 ? to exceed $35 billion, making it a luxury market second only to America. But even that does not tell the full story. China’s rich are travelling more and farther, and do lots of luxury shopping on their travels, especially in Europe, whose weak currencies encourage Chinese visitors to splash out. Measured by the nationality of the buyer, China is now the world’s biggest luxury market, and growing fast (see chart). Last year mainland Chinese took 83m foreign trips, up 18. 4% on 2011. Global Blue, a big tax-free-shopping firm, says its refunds to Chinese shoppers shot up by 58% last year to more than 24 billion yuan ($3. 9 billion). To make the most of this trend, firms need to rejig their shops worldwide. They need Mandarin-speaking assistants, VIP rooms big enough to accommodate large tour parties and payment systems that can handle Chinese credit cards. Philippe Leopold- Metzger, who runs Piaget, a Swiss watch and jewellery brand, says he regards the firm’s outlets in China itself more as showcases than profit-earners: half of his global business comes from mainlanders, but they mostly buy while on foreign trips. That said, there are still plenty of opportunities to expand sales inside China. Kent Wong, managing director of Chow Tai Fook, the world’s largest jeweller, with over 1,700 sales outlets on the mainland, says their takings are continuing to grow. Any weakness is seen chiefly in coastal cities exposed to China’s struggling exports. In the interior, where locals are not yet used to foreign shopping jaunts, â€Å"middle-class incomes are still rising. † Luxury firms are having to adapt to this fragmentation in the Chinese market. Whereas flashy â€Å"bling† still sells to the new money in smaller, interior towns, globetrotters from the coastal cities are returning from their travels as more knowledgeable and demanding shoppers. Armando Branchini of Fondazioni Altagamma, the Italian confederation of luxury brands, says such customers look for more subtle and modern designs. Digitally challenged Over two-thirds of Chinese use the internet to research brands, but most luxury firms have pitiful digital strategies. One study found that luxury websites take four times as long to load in China as elsewhere (because most firms do not put servers inside China’s Great Firewall, which slows access to foreign sites) and rarely offer yuan prices or purchasing options. Mobile commerce is growing in China, but few luxury firms’ websites are optimised for mobile devices. As the tastes of rich Chinese evolve, business models combining local flavour and global savvy are emerging. Qeelin, recently bought by Kering, a French luxury house formerly known as PPR, is one example. Another is Shang Xia, a homeware label inspired by local crafts, launched in 2010 by Hermes, also of France. Under orders ? 3 ? ? 3 ? from the government in Beijing, foreign carmakers and their Chinese joint-venture partners are creating new, local brands: BMW will produce cars with the Zhinuo badge, and Mercedes will market new models under the Denza brand. So far, Chinese luxury buyers, especially of cars, have turned up their noses at domestic brands. But the hybrid brands may prompt them to reassess the â€Å"Made in China† label, says Michel Gutsatz of the China Europe International Business School. At a conference the school recently held, He Haiming of CCTV, China’s dominant national broadcaster, pointed out that â€Å"Made in Germany† and â€Å"Made in Japan† were also once derided, but are now marks of quality. As Europe’s luxury-goods firms grow from low-volume exclusivity to semi-industrial scale—thanks in large part to China’s voracious appetite for their wares—Mr Gutsatz argues that they â€Å"must think of economics† and consider manufacturing in China itself instead of mainly exporting to it. The business of getting wealthy Chinese to open their wallets is bound to go on evolving, but the opportunities for growth make it irresistible. From the print edition: Business.

Challenging Characteristics of Online Learning Essay

In online learning there are some challenging characteristics that an online learner need to face during their study periods among them are lack of motivation, stress, bad time management and learning style, computer illiterate, and language barrier. Firstly in lack of motivation, having lack of motivation is one of the characteristic challenges in online learning. If a student has lack of motivation this will make them less interested in their studies and this will drag the online learners down from producing good results in their studies. This is because without any motivation it will affect on how well the online learners do in their work and on when they will want to do their work and this also affects on how long will it take for them to work on the task given and this will automatically make the online learners lose their concentration on their studies. Next is when the online students are having stress during their study periods. Stress is an emotional challenge that the online learner faced in online learning. When one is having stress during his or her study period it is never a good sign because stress can affect both the body and mind. Warnings of stress such as significant changes in the behavior and life patterns can indicate that a person might be having stress. Among the symptoms of stress are the sudden bursts of anger, restlessness and or uneasiness, lack of joy, spontaneity, enthusiasm and or happiness. By having stress the online learner will have difficulty in concentrating on their studies as well as having trouble or problems in making decisions. Then there is time management and learning style. If the students or online learners are not well discipline and cannot manage time in a reasonable manner, he or she will not be able to cope up with their studies, work and personal life. A disorganized person is not going to have a good experience in their online learning. As an online student one need to have a good time management skills. An older student tends to manage their time properly because they have developed better time management skills. Therefore the younger generation of students mostly will have problems in managing their time accordingly. With a bad time management this will influence on the online learner learning skills. This is because with a bad time management the online learner will not be able to cope up with their studies and thus will make them lose their concentration in understanding their learning style. Meanwhile being a computer illiterate is also one of the challenges that people have with online learning. This is because not many people out there who are an online learner are computer literate. Most of the online learners are adults who might not be familiar with the recent technologies and software. Even though there are many computer literate students but not all of them possesses all the necessary skills needed in online learning. Some may still not know on how to use the Microsoft Office Words, Excels, and Power Point features and some online learners might have lack of technical problem solving skills and basic technology literacy skills such as file management. Lastly is the language barrier among the students and their study materials. This is also one of the challenges faced by the online learners in online learning especially in a non – English speaking country like Malaysia. Most of the references retrieved by the online learners online are in English and some of the teaching materials provided for the online learner are also in English. Growing up with a non – English native mother tongue will somehow give trouble for some students to understand their study materials. They will need to take more time than other students to understand their study materials. So these will one way or another lower their self esteem and their confidence in doing the task given to them.

Effects of 2008 Beijing Olympic Tourism Assignment

Effects of 2008 Beijing Olympic Tourism - Assignment Example The methodology to be applied for the present research is mainly based on the analysis of the literary sources related to the topic; another method used in the research is the analysis of the possible effects according to the separate aspects: political, economical, social and business. A strategy of place marketing and urban image construction examined in this paper is the staging of mega events and grand urban spectacles to attract world attention to cities. In the hope of hosting world class media events, public funds are squandered to turn cities into 'stage sets', using spectacular urbanism, monumental architecture, and modern infrastructure to erect images of progress, order and prosperity. Throughout the 1990s, a series of international events and grand political spectacles were held in Beijing to improve global perception of the city. These were accompanied by international marketing campaigns to advertise the city on the world scene and by major social, cultural, and physical beautification programmes intended to reform the city's human and material resources. As the example of Beijing will show, spectacles, festivals, and rituals are not solely directed to an international audience in the hope of attracting visitors and capital, but they also act as important tools of national representation by reviving national pride and unity and convincing local citizens of the beneficence of the system. Urban spectacles are also used to aestheticize local politics. As Wahab & Cooper rightly noted, aesthetics can easily turn an unsavoury political agenda into an intoxicating spectacle (2001). Urban spectacles and mega events can therefore have an important depoliticizing effect by draining politics out of the urban arena, thereby averting political controversy and dwarfing political defiance from the local population (Sinclair & Stabler, 1997, p. 90). Much like the 'bread and circuses' of ancient Rome, the spectacular displays that accompany the staging of important world events often act as instruments of popular pacification and social control. By distracting people from their everyday struggles, the spectacle lowers their social and political awareness and weakens their sense of criticism, thereby promoting complacency and alienation. In Beijing as elsewhere, the preparation for hosting mega events also calls for social beautification programmes, which include complex tactics of social disciplining, 'civilizing' reforms and a tightening of the social control

Online Banking Research Proposal Example | Topics and Well Written Essays - 3000 words

Online Banking - Research Proposal Example Several studies have been conducted to with an aim of showing trends in the adoption of internet banking among adults and different geographic areas. Online banking services and products include both wholesale and retail products. Wholesale products are generally meant for corporate customers while retail and fiduciary products are meant for consumers. Online banking has become a popular and safe way for individuals, institutions and organizations to stay connected with their bank accounts. Online banking is mostly preferred above over-the-counter-banking since it is cheap and it offers the flexibility that is desired by clients (Hossein, 2004). It however also remains a high-risk subject considering that frauds are more easily conducted online and over remote distances than when banking activities are conducted offline. While several studies have been conducted on online banking, there is a clear gap that needs to be filled; how do different gender relate to internet banking. This study is therefore aimed at finding how different sexes respond to online banking. Of great interest is the ratio of online banking users in terms of gender, the specific services that are preferred by each sex and for what reasons other services are not preferred. Today's internet banking has succeeded distance banking services that were conducted electronically during the early 80s. The term online banking was commonly adapted inn the late 1980s to refer to the use of keyboard, monitor and a terminal to access the electronic banking system using a phone line. It was in New York in 1981 that online banking services began. The city's major banks Chase Manhattan, Citibank, Manufacturers and Chemical offered home banking services by use of the videotext system. United Kingdom's first online banking service was established by NBS (Nottingham Building Society) in 1983. The online system was based on the Prestel system, a television set, a computer and a telephone system. The system allowed viewing of statements online, bill payments, and bank transfers (John, Levine & Carol, 2007). In order for bill payment and bank transfers to be effected, written instructions had to be first sent to the NBS who then updated the Homelink system of the intended transaction. Many banks today offer secure, fully functional internet banking for a small fee or sometimes even free of charge. As online banking

Music in the Afro Brazilian Religion Candomble Research Paper - 1

Music in the Afro Brazilian Religion Candomble - Research Paper Example This "Music in the Afro Brazilian Religion Candomble" essay outlines the characteristics of Brazilian religion. The features included in the religion include vigorous rituals and music that are very imperative in its development. The Capoeira is one recognized art in the Afro Brazilian setting that has the combination of music and dance. The specific ritual is martial art created in Brazil by slaves of the African continent and characterized by very fast and swift moves that are rather complex for anyone not well trained to comprehend. The power exerted in the dance is vast and thus for a person to perform the art well, strength is an important factor. One of the instruments used in the Capoeira is the berimbau. The instrument has its importance in that it brings out the rhythm of the songs in performance. Rhythm is an integral part of the ritual and without it; there can be no sense of dance in the music played in the Capoeira. The berimbau is not the only instrument played in the Capoeira but rather one of a set. The set is arranged in a row where there are three berimbeu, an agogo and two pendeiros (Rohrig 167). The full formation of the set is very important in that each of the instruments has a role that it plays in the completion of a perfect Candomble dance. All the instruments are supposed to follow the formation of the rhythm of the berimbau. The songs played in the Capoeira have different themes and purposes. There are also the songs played in various games in an effort to boost the morale of the players.

What impact does nurses have on obtaining their own accu check versus Research Paper

What impact does nurses have on obtaining their own accu check versus nursing assistants on the timely delivery of insulin therapy to patients - Research Paper Example Nurses should be in the fore front in enhancing diabetes control mechanisms. Bearing in mind that some patients may be too old to use the advanced technology in trying to curb the disease, nurses come in handy in ensuring the patients are taken care of (Farmer et al., 2007). Nurses may be involved in teaching patients how to handle the monitoring devices. To avoid patients having further complications from the disease due to lack of proper insulin therapy, nurses and nurses assistants should make sure they oversee the insulin therapy process. They should ensure patients are assisted wherever possible and that they (patients) get their dosage in time. Patients benefit from nurses who undertake their own accu check as the results are received in less time. The accu check gets results in the least time possible and nurses have the privilege of administering relevant dosage to patients as they require. This has led the nurses to get accurate information of a patient’s diabetic state, from where nurses can give the right medication to the patient. This trend of nursing obtaining their own accu check has made patients feel more confident about the treatment they get as they know the results are highly reliable. Some stakeholders involved in this sector are: patients, nurses, the medical agencies. Diabetes has been of a major concern thus, necessitating the unveiling of new methods to deal with the challenges it brings. Patients are directly affected by the disease and any invention towards their treatment affects them directly. Accu checks are meant to assist the patients undertake their glucose tests in real time. The results for accu check are efficient thus promoting efficient medication towards controlling the effects of diabetes. When nurses undertake their own accu check, efficiency can be easily achieved as a patient may be confident of getting the right treatment. Patients

To what extent can organisations minimise counterproductive or deviant Essay

To what extent can organisations minimise counterproductive or deviant behaviour - Essay Example prompt counterproductive and deviant work behaviors, discuses effects of these factors, and pinpoints diagnostic techniques as well as potential approaches for negating these behaviors. Counterproductive and deviant behaviors are employee behaviors, which violate organizational goals, rules, and policies, among other aspects of an organization. These deviant behaviors may be deliberate or unintended, and rise from a variety of underlying motivations and causes. In organizations, deviant workplace behavior is a prevalent, costly phenomenon, and includes several negative acts that employees exhibit to harm the organization and co-workers. These negative outcomes affect production, relationships, and properties. Interactions among employees or between employees and workplace environment also cause counterproductive and work deviant behaviors. In view of this, an employee is likely to exhibit counterproductive and deviant behaviors because of his/her personality or traits. Corporate envi ronment such as lax supervision and social context can also result in deviant and counterproductive behaviors. These behaviors include verbal and physical aggression, intentional improper work, absenteeism, theft, delays, and others. Organizations have the responsibility to counter these behaviors by use of appropriate strategies and techniques. Fodchuk (2007, p. 31) states that counterproductive work behaviors and organization citizenship behaviors are prompted by factors categorized into triggers, internal control, opportunity, and propensity. Triggers are external events, or perception of an individual concerning a particular event in an organization such as physical and emotional exhaustion, withdrawal behaviors, procedural justice, and supervisor abuse. Opportunities are circumstances or perceptions of situations that aid the exertion of counterproductive and work deviant behaviors by hindering desired outcomes, or rendering negative consequences relatively tolerable and less