Reader question: In this headline – China’s luxury boom: The Middle Blingdom (The Economist, February 17, 2011) – what does Blingdom mean? My comments: The Middle Blingdom is the new name for 21st century China, hitherto known as the Middle Kingdom. “Bling” because it rhymes with “king”, signifying the Chinese are to become the new kings of the world. Kings, and queens for that matter, of bling. Merely a word play, perhaps, but it is revealing as China is on pace to become the No. 1 consumer of luxury goods. Or in American slang, China will be the next superpower of bling. “Within three years,” says the Economist, “China’s domestic market for bling will be bigger than Japan’s. By 2020 it will account for 19% of global demand for luxuries.” Bling, you see, is the rattling sound we hear when, say, diamonds hit against each other. Hence, bling, or bling-bling, refers to the many heavy, ostentatious ornamental pieces people wear, earrings, necklaces, etc. In other words, worthless baubles. Or costly trifles, as the Economist puts it. It says: If you include the baubles Chinese people buy outside China, the nation’s share of the global luxury market will triple, to 44%, by 2020, predicts CLSA. The wealth of China’s upper-middle class has reached an inflection point, reckons Mr Fischer. They have everything they need. Now they want a load of stuff they don’t need, too. |