In accordance with a written report by investment research group CLSA Asia Pacific Markets, China is set being earth's largest buyer of luxury goods by 2020,
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Already designed with bigger pay cheques and a strong desire to flaunt their new found wealth, chinese people are purchasing up designer fashions including handbags, watches and clothing. Brands for example Louis Vuitton and Hermes have experienced large increases in sales from other shops in China.
In line with the report, China will be spending roughly US$101 billion annually on luxury goods by the end of 2020.
The CLSA research group estimates how the worldwide luxury goods market will likely be worth in the region of US$ 522 billion by 2020. Which means China's US$101 billion business will probably be roughly 20 % from the global total.
China continues to help from strong economic growth, producing a lot of millionaires. The number of Chinese that have assets of one billion yuan (US$152 million) or maybe more reached 1,363 a year ago; a number that is increasing at an annual rate which is between fifty and fifty-eight percent since 2000.
In China it's customary to exhibit your wealth and Chinese rrndividuals are happy to pay high costs to catch other's attention.
The largest buyers of luxury goods in China are men, buying up items for example designer watches, leather goods and other extravagant gifts for colleagues and business partners.
The truth is, it is extremely common for businessmen to spend 30,000 yuan (US$ 4,575) to get a wine bottle and last October three bottles of Chateau Lafite Rothschild 1869 were sold with a Sotheby's auction in Hong Kong for US$230,000 each.
However, it isn't just retailers in China who will be benefitting because of this Chinese spending spree; china are heading overseas where luxury merchandise is cheaper. One UK newspaper, The Guardian, reported a large number of Chinese UK residents celebrated Chinese New Year with luxury shopping sprees.
One particular person commented; "Who needs dumplings and fireworks in Beijing when you are able have Burberry and Chanel in London?"
Article resource:
Rebecca smith
OVG Marketing -
Blog -
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