VIP Class Notes (Tibo)
Speaking exercise
From my perspective , I am not that optimistic as I am in the epidemic center SH.
3 months full lockdown / for 3 months we were fully locked down and then somehow we started to open.
Top tier have loyalty customers -> have loyal customers
Everyone will get some impact from the worse economy / worsening economy / economic downturn
There is less loyalty in this tier / people are less loyal in this tier
He has/had a different, he told me although China has a little headwind, the rest of the world recovers quickly.
The whole travel is getting opened -> travel is opening again / travel is regaining momentum
People have a tendency to purchase during travel / when traveling / during their trip
Before there were several lockdown near SH
We don’t see this huge rebound / V shaped recovery
The rebound is not that severe
Watches and jewelry
High fashion
Prestigious cosmetics
I haven’t thought about it before
Women are the most dominant in high fashion
80% are women
Much more brands are targeting female buyers.
More male young customers are booming especially in the sport industry.
They use XR and NFT to attract male clients.
The increasing ratio is not that strong
-> The cosmetic industry has been trying to attract more male buyers / has been trying to expend to the male market
you can only go up with the time going / as time goes your consumption habits move up tier / as you get older you upgrade the kind of cosmetics you buy.
young girls may only buy moisturizers
Very few offline events due to covid regulations
They also changed shop assistants.
Many (of my) friends who work in advertising told me many brands deduct the market spending budget -> reduced their marketing budget / plan to spend less on marketing
because they have a pessimistic project to the next half year.
Many big famous companies like Tencent announce they would have redundancy rounds
They have a pessimistic projection / outlook for the Chinese economy
The average duration of the CEO of a luxury brands lasts only 1.5y
When sales are going down the strategy is to invite a new CEO.
The most important person is the creative director, if the designs cannot cater to the needs of the clients within 2 years they will change key positions.
Maybe they can get their bag quicker than previously as the economy is going down.
Even though in China the economy is going down, it doesn’t mean the product won’t be sold to another country.
Local dealers need to prove their markets are vivid
For less popular brands some hot product still need you to wait due to production. / are still not readily available
That brand has been going down for a few years and now some bags are so popular you cannot buy them anywhere because factories haven’t prepared so big volumes. / they didn’t plan for such a success and now production is a bottleneck
When the supply increases more people get it and the demand will slow down. / at some point supply and demand will balance.
About 20 years ago new trends emerged among luxury products.
those apps are not attractive enough.
Grammar
I am not attracted to this product
This product is not attractive
Vocabulary
Project (n) something you do with a specific aim / assignment
We have a project with NASA to send people to the moon
To project (v) to make an estimate for the future
We project that next year the luxury segment will grow by 5%
Projection (n) view for the future
We reduced marketing spending as we have pessimistic projection for next year
Outlook (n) view
Tom has a pessimistic outlook of the economy
To deduct (v) to remove from a total
Tom lent USD10 to me and then I returned USD5 to him. I deducted the money I returned to him so now I only need to give him back USD5
V shaped recovery (n) when you go down quickly but also rebound very quickly
People were expecting a V shaped recovery but it didn’t happen
Moisturizer (n) product bringing water to the skin 润肤露
She bought a moisturizer
Loyal (adj)
Those brands have loyal customers
Loyalty (n)
Loyalty is important for brands
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