Monday, September 17, 2007
Global Luxury Survey
http://www.time.com/time/specials/2007/article/0,28804,1659346_1659333_1659187,00.html
Call it a reaction to years of austerity, but China is the world's third largest consumer of luxury goods, accounting for 12% of global sales, according to a December 2004 Goldman Sachs report. If this trend continues, China could surpass the U.S. to become, along with Japan, the world's largest purchaser of luxury items by 2015. Chinese yuppies are driving the demand, buying everything from expensive watches to imported cars. And luxury purveyors are responding: Armani plans to open 24 stores in China in 2008.
Most often mentioned luxury brands:In this society of sudden economic freedom, newly rich capitalists are eager to clarify their social standing, so they turn to the obvious luxury must-haves: traditional French labels and expensive watches. That explains why Chanel, Lacoste and Dior rank in the top five brands with the highest level of recognition.
Watch Out22% of affluent consumers in China own a Rolex. 66% of affluent Chinese men have bought at least one watch in the past six months and have paid an average of $2,253 per watch.
Top Five Watch Brands:1. Rolex2. Omega3. Cartier4. Vacheron Constantin5. Breitling
Conspicuous ConsumptionChinese consumers who buy luxury goods do so to show off or to help define their identity. The Asian concept of face—or pride and dignity—is a key reason they invest in expensive brands. In a fast-growing economy, status symbols are the easiest way to demonstrate wealth and power.
Most widely owned luxury brands:1. Lacoste2. Valentino3. Chanel / Bally
Top luxury beauty brands:The three most popular foreign beauty brands in China are Estée Lauder, Lancôme and Guerlain. More than 50% of affluent Chinese consumers own either a Lancôme or an Estée Lauder product.
On average, affluent Chinese consumers will spend up to $280 on a single skin-care product
Call it a reaction to years of austerity, but China is the world's third largest consumer of luxury goods, accounting for 12% of global sales, according to a December 2004 Goldman Sachs report. If this trend continues, China could surpass the U.S. to become, along with Japan, the world's largest purchaser of luxury items by 2015. Chinese yuppies are driving the demand, buying everything from expensive watches to imported cars. And luxury purveyors are responding: Armani plans to open 24 stores in China in 2008.
Most often mentioned luxury brands:In this society of sudden economic freedom, newly rich capitalists are eager to clarify their social standing, so they turn to the obvious luxury must-haves: traditional French labels and expensive watches. That explains why Chanel, Lacoste and Dior rank in the top five brands with the highest level of recognition.
Watch Out22% of affluent consumers in China own a Rolex. 66% of affluent Chinese men have bought at least one watch in the past six months and have paid an average of $2,253 per watch.
Top Five Watch Brands:1. Rolex2. Omega3. Cartier4. Vacheron Constantin5. Breitling
Conspicuous ConsumptionChinese consumers who buy luxury goods do so to show off or to help define their identity. The Asian concept of face—or pride and dignity—is a key reason they invest in expensive brands. In a fast-growing economy, status symbols are the easiest way to demonstrate wealth and power.
Most widely owned luxury brands:1. Lacoste2. Valentino3. Chanel / Bally
Top luxury beauty brands:The three most popular foreign beauty brands in China are Estée Lauder, Lancôme and Guerlain. More than 50% of affluent Chinese consumers own either a Lancôme or an Estée Lauder product.
On average, affluent Chinese consumers will spend up to $280 on a single skin-care product
Friday, September 14, 2007
The Subtle Art of Self-Promotion on the Job
The Subtle Art of Self-Promotion on the Job
by Marshall LoebThursday, September 13, 2007 provided by
MarketWatch.com: • What Not to do When Asking for a Raise • Don't Treat Your Boss Like the Enemy • The ABCs of Online Networking
Educate up. If your boss is too busy to stay abreast of your activities, make it your job to keep her up-to-date. Schedule a weekly meeting or send regular emails detailing your accomplishments and addressing any issues. But keep the remarks concise, informative and balanced. "Don't talk about you, talk about the broader organizational impact of your actions," says Trovas.
Expand your network. Say good-bye to the old bunker mentality and make an effort to reach out to people outside your department. You can ask them to participate in a cross-departmental project or simply sit in on a meeting. Not only does this encourage collaboration, but also it's a natural way to spread the word about what you're working on. "By inviting new people into the fold, you're creating more visibility for yourself and your team," says Trovas.
Tap other people's expertise. Many of us assume that asking for help makes us look weak or incompetent. In fact, tapping other people's expertise can help you build a stronger network. By asking for help, you're not signifying that you don't know what you're doing; you're simply acknowledging that your colleagues have complementary skills -- a gesture they're sure to appreciate and remember.
Acknowledge your team. If you tend to underplay your own accomplishments out of modesty, one of the most comfortable means to gain visibility is to acknowledge the efforts of your team. "In this way, you're talking about a collective effort and taking the focus off the individual," says Trovas.
Celebrate success. If your team or department has just made a big sale or completed a long-term project, don't be shy about it. Give a party, print some t-shirts or send out an office-wide email praising everyone's efforts. Celebrating will help you advertise your achievements and set the office abuzz.
Copyrighted, MarketWatch. All rights reserved. Republication or redistribution of MarketWatch content is expressly prohibited without the prior written consent of MarketWatch. MarketWatch shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
by Marshall LoebThursday, September 13, 2007 provided by
MarketWatch.com: • What Not to do When Asking for a Raise • Don't Treat Your Boss Like the Enemy • The ABCs of Online Networking
Educate up. If your boss is too busy to stay abreast of your activities, make it your job to keep her up-to-date. Schedule a weekly meeting or send regular emails detailing your accomplishments and addressing any issues. But keep the remarks concise, informative and balanced. "Don't talk about you, talk about the broader organizational impact of your actions," says Trovas.
Expand your network. Say good-bye to the old bunker mentality and make an effort to reach out to people outside your department. You can ask them to participate in a cross-departmental project or simply sit in on a meeting. Not only does this encourage collaboration, but also it's a natural way to spread the word about what you're working on. "By inviting new people into the fold, you're creating more visibility for yourself and your team," says Trovas.
Tap other people's expertise. Many of us assume that asking for help makes us look weak or incompetent. In fact, tapping other people's expertise can help you build a stronger network. By asking for help, you're not signifying that you don't know what you're doing; you're simply acknowledging that your colleagues have complementary skills -- a gesture they're sure to appreciate and remember.
Acknowledge your team. If you tend to underplay your own accomplishments out of modesty, one of the most comfortable means to gain visibility is to acknowledge the efforts of your team. "In this way, you're talking about a collective effort and taking the focus off the individual," says Trovas.
Celebrate success. If your team or department has just made a big sale or completed a long-term project, don't be shy about it. Give a party, print some t-shirts or send out an office-wide email praising everyone's efforts. Celebrating will help you advertise your achievements and set the office abuzz.
Copyrighted, MarketWatch. All rights reserved. Republication or redistribution of MarketWatch content is expressly prohibited without the prior written consent of MarketWatch. MarketWatch shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
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