When wealth is not enough: China’s rich seek luxury experiences to show off their fortunes
Luxury brand retailers tap into the growing demand from mainland consumers to experience the nicer things in life, rather than own them
For China's consumers, luxury is no longer about "having" but "being".
Amid the mainland's clampdown on visible luxury, consumers are shifting away from merely owning things to seeking experiences that will help them acquire a modicum of savoir faire.
Luxury companies ranging from jewellery maker Van Cleef & Arpels, auction houses Christie's and Sotheby's and fine wine merchant Berry Bros & Rudd are responding by ramping up their educational initiatives, which cater to mainlanders' yearning for bespoke experiences and their desire to become world-class connoisseurs.
The … appetite for learning in Hong Kong and [the] mainland is incredible to see
Earlier this month, Van Cleef & Arpels chief executive Nicolas Bos was in town to announce the L'Ecole Van Cleef & Arpels Hong Kong edition, which will offer two weeks of courses on jewellery making at PMQ in Aberdeen Street from October 16 to November 1. It is only the second time it has travelled outside Paris.
Limited to 12 per class, students pay up to HK$6,200 to learn from experts how to sketch designs, identify gemstones, polish gold or set a stone, receiving a certificate at the end of the course.
"You go away with your design - good or bad. There is an element of entertainment. It is very educational, but we wanted it to be pleasurable as well," Bos said. Imparting its long history of fine jewellery making could set Van Cleef & Arpels apart from the many luxury brands that have bombarded the mainland market in the past decade, he said.
"There is a premium now for brands and houses that come with real authenticity, real history, not just about opportunistic marketing strategy but to come and show who they are and be genuine with their customers."
In a similar vein, two weeks ago, Berry Bros & Rudd, Britain's oldest wine and spirit merchant, made a winemaking experience in Bordeaux available to its Chinese clients through a partnership with Viniv, a French winery.