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| A wedding car fleet, composed of Rolls-Royce, Bentley and Land Rover cars, arriving at a hotel in Jilin city, in Northeast China's Jilin province. Many Chinese wedding companies now provide a series of luxury services to meet the stronger-than-ever market demand during the year-ending season. (Photo/China Daily) |
Vera Wang opens what is now her biggest flagship store in Shanghai
Businessmen are leaving no stone unturned to cash in on the tremendous opportunities in high-end wedding service provision in China.
Vera Wang, the queen of bridal couture, opened her largest store in Shanghai on Jan 27.
For clients who are interested in trying on wedding dresses in the Shanghai store, a 3,000 yuan non-refundable deposit will be requested, allowing potential customers to try dresses for one-and-a-half hours. The number of dresses tried is not limited but, according to the salesperson at the store, it usually takes three to four dresses for a bride-to-be to meet "the one". If clients confirm an order, the deposit will be deducted from the final price.
The booming demand for luxury goods is also providing opportunities for associated suppliers in China. Traditionally in China a bride will receive gifts from a bridegroom before their wedding. It is considered to be an expression of love for the bride-to-be. Usually the gifts will be gold items such as a ring or a necklace. However, after 2000, a diamond is now a necessity.
The Carat Club, with more than 50 years of diamond trading experience in Malaysia, moved its base entirely to Shanghai in 2011 to better meet market demand. The most attractive products offered in the store are diamonds of more than three carats.
Chan Boon Yong, the chief executive officer of The Carat Club, revealed the most expensive diamond sold in the store in the last two years cost millions of yuan.
"The demand for large and quality diamonds is increasing in China. We have noticed that many people are looking for diamonds of more than two carats," said Yong. "As Chinese people are getting wealthier, they want to own something special."
Yong said Chinese people are getting more educated about diamonds and many rich people are considering collecting diamonds as an alternative investment in China.
Foreign wedding planning companies have also been targeting the growing Chinese market in recent years. Take and Give Needs Co, a Japan-listed high-end wedding service company, was reported by Nikkei Business Daily to be targeting young rich Chinese a few years ago. It can handle more than 50 orders a year and started to make a profit in 2012.
It was reported that for a high-end wedding ceremony attended by 1,000 guests the cost might be as high as 700,000 yuan, much higher than the market average.
China's weekly story (2013.01.27-01.31)
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