VIP Class Notes (Tibo)

https://www.weforum.org/agenda/2017/01/5-charts-which-show-what-is-happening-to-the-middle-class-around-the-world/

+ review the words

discuss different VIC levels and benefits

In CRM site it depends on the target audience which we discussed last class.
It depends on what class people belong to / it depends on the social class of consumers and their age

For young generation celebrities is more effective for sales but we have to consider the price of the product / for young people celebrities boost sales but only for affordable products / mass market products

Most young generations are not rich people , they have to live within their means.

Do people finance luxury purchases with debt?

For young people, I agree with you a lot but I think they are not only financing luxury purchase with debt, they purchase anything with debt.

they can use credit card, I usually use credit card in my daily life to pay for anything.
Credit card is preferred way of payment for most people.

Alipay has it’s own payment system / payment solution

Platforms provide opportunities for young people to purchase luxury goods.

Chanel doesn’t even have a Wechat mini program, customers have to purchase their products from their offline platforms. / customers have to go to their brick and mortar stores to purchase products

Most of people purchase it online because of the payment installment. / Payment installment is the reason why most people purchase online

Actually I don’t know the standard  / I don’t know what the income threshold / bracket is 

Vocabulary

threshold (n) 下限 / lower limit
The middle class income threshold in the US is 60k
The spending threshold to be our/of our VICs is around CNY400k

bracket (n) [ ]等级
income bracket (n) 收入等级
people who are middle class in the US are in the 60k to 100k income bracket
The spending bracket is a significant point/element to make a customer segmentation

brick and mortar store (n) physical store / offline store
People are using amazon more and many brick and mortar stores are closing

payment installment (n) pay over several months / pay in several smaller amounts
It offers 3 months payment installment

to finance (v) to get money for something
I financed the house by asking the bank for a loan

financing options (n) solution for someone to get money / to get make a purchase more manageable
Many stores offer financing options such as pay within 3 months for no cost

financing options : options for you to get money ( for bigger amount (car / house…))
We offer financing options if you want to buy an apartment

payment options : options for you to pay
What are the payment options
You can use credit card / Alipay or Cash

to live within one’s means :  one does not spend more that one makes / being financially responsible
Tom you just lost your job and yet you bought a new car… I am worried you should live within your means

social class (n) class people belong to (lower / middle / upper class)
I looked for data on American social classes

to drap (v) to wrap
She draped a scarf on her neck