Headlines: Chinese millionaires, Japanese beauty, Riyadh Fashion Week and Chinese Gen Z’s ‘exquisite poverty’

November 1, 2023

Saudi Arabia aims to attract 3 million Chinese tourists by 2030. Could the kingdom become China’s hottest outbound tourism destination? Image: Saudi Tourism Authority

By Staff reports

Curated headlines by Luxury Roundtable

We bring you the latest headlines in luxury to save you time. Please note that most sources are behind paywalls.

Are China’s millionaires packing their bags?
According to the Henley Private Wealth Migration Report 2023, 10,800 high-net-worth individuals (HNWIs) migrated from China in 2022, the biggest net outflow since 2013. (Jing Daily)

One-way traffic: Hongkongers flock to mainland China in record numbers
Hundreds of thousands of Hongkongers traveled across the border to mainland China last weekend ahead of the Double Ninth Festival, which this year fell on October 23. (Jing Daily)

The new lying flat? China’s Gen Z embraces ‘exquisite poverty’

A subset of Gen Z consumers in China is responding to the country’s economic woes with a new lifestyle approach — exquisite poverty (精致穷) refers to living an elegant life, even at the cost of going broke. Think of it as eating pot noodles while wearing Dior. (Jing Daily)

From e-visas to e-payments, Saudi Arabia prepares for 3 million Chinese visitors by 2030
The Kingdom of Saudi Arabia is rolling out the red carpet for Asian tourists. (Jing Daily)

From Bulgari to Baccarat, the luxury hotels hosting wealthy Chinese millennials
As China is still on track to account for a quarter of the global luxury goods market by 2025, connecting with Chinese consumers in a personal way is more critical than ever before. (Jing Daily)

What Q3 results reveal: Why some luxury brands are in crisis while others outperform
When luxury brands started releasing Q3 2023 results, analysts and observers were quick to predict the end of luxury as the first published numbers seemed disappointing. (Jing Daily)

Why Japanese beauty giants are buying up global brands
M&A is gathering pace in Japan’s beauty industry as local conglomerates look to diversify their portfolios beyond Asia and target high-growth categories overseas. (Jing Daily)

Phoebe Philo’s launch: The highs and lows of exclusivity
With steep price points, a tight size range and a drop model, exclusivity reigns at Phoebe Philo’s new namesake brand. Vogue Business speaks to experts about what’s next after its buzzy launch. (Vogue Business)

First Riyadh Fashion Week positions Saudi Arabia as Middle East hub for fashion and design
Saudi designers reflected the rapid social, cultural and economic transformation of the kingdom, in runway shows last week. (WWD)

US real estate agents liable for $1.8bn over broker fees on home purchases
Lawsuit alleged that agencies conspired to force sellers to pay hefty commissions. (Financial Times)

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Headlines: Chinese millionaires, Japanese beauty, Riyadh Fashion Week and Chinese Gen Z’s ‘exquisite poverty’

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