Luxury Consumption & Lucky 8

Related entries: Consumer Market, General, News

We could not let this piece of news pass…

As many may know, Hong Kong made itself Asia’s wine trading hub – and imports are reported to be up 73% in the first eight months of this year.

Impressive as that may be, it is prices (often driven by mainland buyers) that capture the imagination. Bloomberg reported recently that:

“Three bottles of Chateau Lafite’s 1869 vintage each sold for a record price of HK$1.8 million ($230,000) at a sale in Hong Kong last night, underlining Asia’s dominance of the auction market for trophy label wines.”

But it is not just brand and age that create value. Some simple localization can do the same thing. Like adding a (lucky) “8” to a product. Scoff, if you must, at the clichéd simplicity, but don’t ignore the commercial impact:

“Prices of Lafite’s 2008 vintage have leapt as much as 20% in 24 hours after the château announced its bottles will be etched with the Chinese symbol for the number eight, also known as the symbol of infinity. (The Drinks Business)

In a similar (numbers) vein, one of our associates, selling high-end motor boats to developments in Tianjin and elsewhere, has been careful to ensure that the smaller, 44-foot, boats are listed only in meters….otherwise sales would be dead in the water!

The moral of the story is that…localisation matters.

Sources (via Twitter):

Drinking through the crisis… RT @21cbhchinanews: HK’s Wine Imports Surged 73% in First Eight Months http://dlvr.it/7TvfR

A Lot of Bottle! RT @dailyhknews: Lafite Sets Wine Record $230000 a Bottle in Sotheby’s Hong Kong Auction – Bloomberg http://tinyurl.com/28svb4h

When 8 = 20 (%) RT @GCBRANDS: 888: Lafite 2008 prices surge with news of Chinese symbol http://tinyurl.com/27758eq

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