Newly Wealthy Asians Seeking 'Retail-Tainment'
LONDON, June 10, 2013 /PRNewswire/ --
Conclusions drawn from 'Meet the Experience Hunters' Round Table at ITLM by Chic Outlet Shopping®
"Chinese shoppers are becoming more sophisticated and are no longer just interested in brands but, instead, are seeking unique experiences," says Chris Cabot, president of Value Retail China. The company hosted a round table event, 'Meet the Experience Hunters', at ITLM Asia in Shanghai on 5 June, in which Chris was one of four speakers. The event was designed to explore the psyche of the Asian luxury travelling consumer and touched on themes including luxury goods and travel and how to combine the two, authenticity and source of origin and 'retail-tainment'.
To view the Multimedia News Release, please click:
http://www.multivu.com/mnr/61914-newly-wealthy-asians-seeking-retail-tainment
Value Retail is the creator and operator of the Chic Outlet Shopping® Villages, a unique concept in outlet shopping and the only company to specialise exclusively in the development and operation of luxury outlet shopping villages. The nine Villages across Europe offer an entire range of hospitality services including Welcome Centres, multilingual hosts, VIP Lounges, personal shoppers, 'shop and drop' hands-free shopping and a chauffeur service.
As Chris Cabot explains, the company believes part of the reason for its growth in tax-free sales of 34% in the first quarter of this year compared to the same period in 2012 is because the company is meeting the strong demand from international travellers for 'experience shopping': "The Villages are very much tourism destinations in their own right, providing a full day trip of 'retail-tainment'. The experience they receive brings International tourists back time and again to visit us."
Chic Outlet Shopping® exhibited at ILTM Asia for the first time this year. The round table event included three further speakers, who concluded:-
- The Commentator -
YING SHEA- Chief Development Officer, Luxury Business, SK Group
"I am happy to see the fast development of the Chinese luxury market. Initially, people tended to buy things with big brand names and logo as symbol of their wealth and success, but once they pass that stage, they will eventually look for something new, which is a valued experience."
- The Traveller -
ALFRED CHANG, Vice President, Kuoni Group Travel Expert
"Chinese people with wealth like to be recognised. Besides shopping for pretty things, they want recognition from other people and high-quality service standards. Nowadays, more and more Chinese consumers also hope to be enhanced by the shopping experience, which includes private shopping."
- The Consumer and The Brands -
DANIEL WANG, Managing Editor & Feature Director, Madame Figaro China
"The temptation of luxury products to me is not only about its design or appearance but also a chance to fulfil a dream. Chinese consumers are experiencing the culture, the dream value and a lifestyle provided by the luxury product they purchase."
The average spend of a Chinese shopper across the nine Chic Outlet Shopping® Villages is €347, the highest of any of its markets. Chinese visitors to the Villages accounted for nearly a third (33%) of tax-free sales in the first three months of 2013, spending €30 million, a 49% increase in year-on-year sales. The other highest markets for tax-free sales at the Villages were Russia (14%), the Middle East (12%) and Southeast Asia (11%). International visitors spent an average of €309 per visit.
Chic Outlet Shopping® has launched an online Chic Travel Portal, for the travel trade and MICE market to create and purchase bespoke travel itineraries featuring local partners, as well as Chic Outlet Shopping® products. Basic packages are available across the Collection of Villages from just €44 and include return transport from the nearest city centre on the luxury Shopping Express™ coach service, a Gift Card, a VIP Card providing an additional reduction of 10% in selected boutiques, lunch in one of the Village restaurants, and more. Chic Outlet Shopping® has more than 150 partnerships, which the travel trade can benefit from and offer their clients.
About Chic Outlet Shopping®
Chic Outlet Shopping® is the Collection of luxury outlet Villages by Value Retail, the only company to specialise exclusively in the development and operation of luxury outlet shopping villages. Currently home to more than 900 boutiques, the nine Villages offer the authentic previous seasons' collections of leading luxury fashion and lifestyle brands with savings of up to 60%, and sometimes more, on the recommended retail price, all year round.
Within easy reach of some of Europe's and China's favourite gateway cities - London, Dublin, Paris, Madrid, Barcelona, Milan, Bologna, Brussels, Antwerp, Cologne, Frankfurt, Munich and, coming soon, Suzhou/Shanghai - the Villages have become synonymous with high fashion, superior service and hospitality, a calendar of celebrated events, and exceptional value for money. Located in regions of cultural and historic renown, the Villages have become international tourist destinations in their own right.
Value Retail's new venture to bring its distinctive Chic Outlet Shopping® Villages to China will see its first Village - Suzhou Village™ - located in historic Suzhou, 50 miles west of Shanghai. As with other members of the Collection, Suzhou Village™ will be defined by its offer of international luxury fashion and lifestyle brands, together with an exceptional level of service.
More about the four Round Table Speakers:
- The Experience -
CHRIS CABOT, President of Value Retail China
Cabot joined Value Retail in 2002 where he has had a variety of roles including Chief Operating Officer of Value Retail Management where he was responsible for building sophisticated systems and efficient procedures. As President of Value Retail China he is responsible for leading expansion into China.
- The Commentator -
YING SHEA- Chief Development Officer, Luxury Business, SK Group
Ms Ying Shea is Chief Development Officer at SK Group. She is in charge of business development and investment in luxury business. Ms Shea has developed a profound understanding of luxury spending trends in China and has built an extensive network with luxury consumers and luxury service providers.
- The Traveller -
ALFRED CHANG, Vice President, Kuoni Group Travel Expert
Alfred is the regional Vice President at Kuoni Group Travel Expert, the world's leading group travel company, which was evolved from the exceptionally successful Kuoni Destination Management and Gulliver Travel Agency (GTA). Alfred and his destination specialists provide comprehensive group travel-related services throughout Europe, US and other international destinations for travel agencies across China and Hong Kong.
- The Consumer and The Brands -
DANIEL WANG, Managing Editor & Feature Director, Madame Figaro China
Daniel is a unique fashion critic and fashion blogger as well as a successful writer. Before joining Madame Figaro, he was Creative Director of Yoka.com as well as the founder and Chief Editor of Yokamen.cn, both mainstream fashion and lifestyle portals in China. His blog has been ranked in Sohu.com's top 10 blog list for two consecutive years. Daniel has published three fashion criticism books, each of which has been the bestselling book in the fashion category of Amazon.cn. His current role at Madame Figaro ranges from overall editorial content supervision to intensive feature planning.
Video: http://www.multivu.com/mnr/61914-newly-wealthy-asians-seeking-retail-tainment
SOURCE Value Retail PLC
Share this article