The Chinese 'rich children' shape the Western brand-name market - photo 1

China’s ‘rich children’ shape Western brands | World

On the east coast of the United States, Chinese students studying in New York often rent lavish apartments on 5th Avenue and buy everything at the luxury stores below.

In shopping areas for the rich in Melbourne (Australia), Paris (France) and Vancouver (Canada), there is no shortage of Chinese students. Here, the rent has skyrocketed, but many Chinese students still choose to rent.

37,000 USD / year for pocket allowance

“These are potential customers,” said Melody Yeh, co-founder of Emerging Communications, a London-based China retail market research firm. They spend a lot of money because they come from rich families in China. We calculate the annual personal spending of a Chinese student in the UK as £ 28,236 ($ 37,000; VND 850 million). That is not including rent or living bill. Furthermore, every year, each Chinese student welcomes at least 3 relatives from China and they will go shopping again. Therefore, retail brands want to attract the attention of this customer group ”.

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For example, the case of Dieu Anna (Annabel Yao), the daughter of Huawei founder Ren Zhengfei, has just graduated from computer science at Harvard University (USA), according to the Daily Mail.

The 23-year-old girl sometimes travels between England, Hong Kong and Shanghai. Pictures on social media showed Dieu traveling the world and wearing only brands like Dior, Louis Vuitton and Saint Laurent.
Or like Wang Yishong, the son of billionaire Wang Jianlin, one of the richest men in China. Prince Wang’s family name in London is famous for “playful” when he bought an Apple Watch for a dog and lived in an apartment worth 80 million pounds in the upstream street of Kensington in London.

Shaping the Western luxury market

The influx of Chinese students poured into European and American cities created an industry in the West just to market goods and services to them. Many websites are created and used mainly in Chinese to advise Chinese students on the shopping paradise.

Anna (Annabel Yao), daughter of Huawei founder Ren Zhengfei Group

Screenshot Supchina

In addition, Chinese students can also be “unconditional” marketers for European and American brands in China through social media channels.

According to Ms. Yeh, firms that only need to target these objects can attract a large number of customers in China.

For example, Dao Luong was known as Mr Bags in 2012, when he was a student in New York. His Weibo account has more than 3.5 million followers and more than 850,000 on WeChat. In June 2018, in just six minutes, Luong helped Italian luxury shoe and leather goods company Tod’s sell its handbags, earning 3.2 million yuan (11 billion dong). In 2017, in 12 minutes, he sold Givenchy (France) handbags, bringing in 1.2 million yuan.

According to the sheet South China Morning PostMs. Yeh also cites the case of Aspinal of London, an unprecedented British luxury leather brand in China. The company began shifting its focus to Chinese international students in the UK through Weibo and WeChat. Not long after that, its sales in the Chinese market surged.

“They can live in the UK or the US, but they still celebrate these holidays and the ads like above will influence them,” Ms. Yeh said.

In addition, brands with products that help rich Chinese students express their personalities and personalities are often consumed more.

According to the sheet South China Morning PostThese Chinese students have the spending power to shape the entire Western luxury goods market.

Chinese students often dominate in luxury stores in the West, according to the report South China Morning Post. Chinese international students account for more than 40% of the total number of international students in the UK and 33% in the US and Canada. Sending children to study abroad has become one of the main targets of middle-class and wealthy Chinese families.

A recent survey by Kai Tak Education found that 83% of Chinese millionaires want their children to study abroad – mainly in Western countries. According to estimates by Credit Suisse (Switzerland), there are more than 100 million Chinese people in the top 10% of the richest people in the world, and there are many “hot dogs” out there are their children.


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