4.4 • 785 Ratings
🗓️ 14 September 2020
⏱️ 24 minutes
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0:00.0 | Get 12 weeks of The Spectator in print and online for just £12, and you'll also receive a complimentary six months of digital access to the Telegraph for free. |
0:18.3 | Hello and welcome to Chinese Whispers with me, Cindy Yu. Every episode I'll be talking to journalists, |
0:23.9 | experts and long-time China watches about the latest in Chinese politics, society and more. |
0:29.5 | There'll be a smattering of history to catch you up on the background knowledge and some |
0:33.1 | context as well. How do the Chinese see these issues? |
0:40.9 | Though it is recovering, the pandemic did hit China hard. |
0:47.1 | Its retail sales are still down, and lockdown had deeper impact on the sector than the financial crisis itself. |
0:51.4 | But one of the sectors driving a bounceback is the luxury goods industry. |
0:56.0 | As lockdown eased, tales of revenge spending spread, of rich Chinese who'd been stuck at home for months, finally able to open their wallets. One AMA shop in Shenzhen |
1:01.5 | pulled in a record-breaking two million pounds of sales in one day in April when it reopened. |
1:07.9 | Now, this might be no surprise to listeners who frequent the luxury brands in London's |
1:11.6 | New Bond Street, who have seen Chinese language signs, Asian shop assistants, and maybe you've |
1:17.2 | taken the train to Bistair Village, the designer outlet village just outside of Oxford, where |
1:22.2 | announcements are made in Mandarin after English. It's thought that Bista Village is a second most popular destination |
1:28.9 | for Chinese tourists in the UK, second only to Buckingham Palace. And the numbers back up the |
1:34.6 | stories. A third of the world's luxury spenders are Chinese, and Bain predicts that this figure |
1:39.8 | will be 46% within five years. So why do the Chinese love luxury goods just so much? And where are they |
1:46.3 | getting the money from? I'm joined today by two people in the know. Sarah Jane Ho is a businesswoman |
1:51.9 | who founded China's first finishing school Institute Sarita. And Gregory Cole is a co-founder of the |
1:58.0 | consultancy CDGL, which advises high-end companies on how to make headway in China. |
2:04.1 | Now, before we start, I just want to play you both a short clip |
2:06.5 | from a GQ video in which I first came across Sarah Jane. |
... |
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