Newly wealthy Asians seeking 'Retail-Tainment'

LONDON - "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".

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(R) 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."

Chinese visitors to the Villages accounted for nearly a third (33%) of tax-free sales in the first three months of 2013, spending EUR 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 EUR 309 per visit.

Sourced: TravelDailyNews