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Subject: Chinese Are the New Kings of Bling
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yuan_zcen
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Chinese Are the New Kings of Bling
http://blogs.wsj.com/chinajourna ... new-kings-of-bling/
From the WSJ’s Wealth Report blog:
The great spending party of the rich never ends; it just moves from one country to the next.
The latest to pop the champagne corks of conspicuous consumption is China. The government stimulus, rising consumer spending and 6% GDP growth has kept China’s millionaire-making-machine well oiled. It also has fueled a no-holds-barred luxury-buying binge, as the newly rich Chinese seek to show their status.
An article in the Straits Times tells of a young Chinese woman who dispatched 30 Mercedes Benzes to pick up her $580,000 Tibetan mastiff from the airport last month. The canine caravan fueled growing public anger toward what the Chinese call the ‘fu er dai’ or ‘rich second generation’ Little Emperors.
A Goldman Sachs Group report ranks China as the world’s second- largest luxury-goods market, after Japan. China could surpass Japan this year. Japan’s wealthy registered net-worth declines of 16.7% according to this WSJ.com article, while Hong Kong registered a 61% decline.
A survey by New York market research firm Pao Principle found that almost 90% of “well heeled” Chinese surveyed had purchased a designer handbag in the past year.
It said nearly two-thirds of the men surveyed and a third of women also bought a luxury watch in the same period, while another 30% said they had gone home with one of the signature blue boxes of high-end jeweler Tiffany.
Yes, some this is likely hype from the luxury industry (30% of affluent Chinese buying Tiffany?).
But as the sun sets on bling for the U.S., it is clearly rising in China.
Do you think the flashy spending in China will set off public unrest?
–Robert Frank
2009-10-15 02:18 PM
#1
lebeast
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suckers
2009-10-15 02:39 PM
#2
greendragon
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Reply #2 lebeast's post
my sentiments exactly!
ha ha ha
Green DRagon
2009-10-15 02:59 PM
#3
vorgal78
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Yeah, last time I was there I had a student who had 27 pairs of Nike air Jordans, why? Because Michael Jordan is famous and they will help him play basketball better.
While the same kid wouldnt share his third plate of dumplings with the kids who missed out due to class duties. Some friend.
I hope this does not become endemic
2009-10-15 03:03 PM
#4
Exergy
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QUOTE:
Originally posted by
yuan_zcen
at 2009-10-15 14:18
http://blogs.wsj.com/chinajourna ... new-kings-of-bling/
From the WSJ’s Wealth Report blog:
The great spending party of the rich never ends; it just moves ...
at least where I come from this is something to be ashamed of, but when in Rome...
I also find it funny how much money some Chinese spend on things they know nothing about. Some here fork over huge sums of money for crappy wine from France or pedestrian Chocolates from Belgium.
money and taste do not run together
2009-10-15 03:12 PM
#5
greendragon
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Reply #5 Exergy's post
Chinese entrepreuners should produce some kind of BLING products for the global market!
ha ha ha
Green DRagon
Game Master
note: I am watching a very funny English documentary! featherless chicken, but the close up show bruised chicken from obvious feather plucking!!!!! ha ha ha
YOUTUBE
Word of caution, use "grey matter" when watching the instrument of media or propaganda! Some are true and some are fake!
2009-10-16 01:15 PM
#6
Exergy
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QUOTE:
Originally posted by
greendragon
at 2009-10-16 13:15
Chinese entrepreuners should produce some kind of BLING products for the global market!
ha ha ha
Green DRagon
Game Master
note: I am watching a very funny English documentary! featherl ...
The Chinese make a lot of local bling, from crappy wine to fo jade statues to flimsy cellphones with diamonds on them. The problem is that the rest of the world is not interested in products from China that are not cheap and Chinese consumers are more interested in foriegn goods.
2009-10-16 01:50 PM
#7
greendragon
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Reply #7 Exergy's post
We need ADVERTISERs!!!!!!
Create INTERNATIONAL STARs to endorse Chinese crappy bling products!
You need the marketing agents, the experts to do that~!
The NEW MIDDLE KINGDOM is a complex world..........it's hard to explain everything, but it mean that we Chinese people must have the cultural link that can hold us together in midst of diversity!
Green DRagon
Game Master
2009-10-16 03:12 PM
#8
yuan_zcen
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Chinese wealth need to cultivate more graceful interest for themselves. If they buy ancient books or classical music records, they will get more from money.
2009-10-19 03:59 PM
#9
caringhk
(O Sweetie&Me go laojia. ..)
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QUOTE:
Originally posted by
yuan_zcen
at 2009-10-19 15:59
Chinese wealth need to cultivate more graceful interest for themselves. If they buy ancient books or classical music records, they will get more from money.
like me, always buying sutras boooks
& ancient Cultures
2009-10-19 04:58 PM
#10
greendragon
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Reply #9 yuan_zcen's post
As long as we are aware on what make us FEEL CHINESE besides being of same tribal stock!
and be careful, and use intelligently ancient practises, we will be able to protect China from massive crisis!
Green DRagon
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2009-10-20 12:04 PM
#11
liuyedao
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QUOTE:
Originally posted by
yuan_zcen
at 2009-10-15 14:18
A survey by New York market research firm Pao Principle found that almost 90% of “well heeled” Chinese surveyed had purchased a designer handbag in the past year. ...
I think they still don't know that even the rich bought their designer handbag in Xiushui street in Beijing.
2009-10-20 12:07 PM
#12
loopazilla
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How sad !
It makes me sad that the modern generations have turned their backs on the Ancient Chinese Culture of respect for others and modest behavior. This new fashion for showing off wealth is empty and superficial. It does not make a rich person worth more than ,say, a university professor who is wise in many things but lives on a modest income, or a nurse who works hard and saves lives. These new rich 'bling' addicts are empty of all virtue. They are selfish and anti social. They will never find true inner peace and happiness like this. If they are so incredibly rich why don't they spend some of their wealth helping others who are less fortunate ? They are no different from all of us. They can catch 'flu and die too !!!
2009-11-7 08:55 PM
#13
0000charlong
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Sadness
I know these people just keen down their raputation,why didnt they use the money to help the people in brink .
2009-11-15 08:13 PM
#14
interesting
(Steven Schreiber)
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Ancient Chinese tradition was to show off wealth. Have you not seen the Forbidden City or other Imperial sites lately?
2009-11-15 08:57 PM
#15
NYChinatown
( 陳青龍 也是 不知死)
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couldnt careless who's who...
but i could tell you might have a better health than those PEOPLE
2009-11-15 09:03 PM
#16
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