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The developing countries from Asia mark a big raise in the consumption of luxury goods. The biggest merit is China’s. Last year almost half of the purchases of luxury goods are made by Asians.
And no wonder asuming the fact that the number of millionaires and billionaires in China has increased.
But Asians don’t stop there. Purchases they make on their own territory are only 40% of the money spent for luxury goods by them in the world. According to the consult company Bain & Co about 60% of the purchases are made in Europe and America during tourist trips.
One of the most popular luxury goods in China is a watch. Because they are considered a symbol of success and prestige. Expensive champagne is also a popular purchase as are labeled purses and so on. In the street style, mainly teenagers’ is typical mixing labeled clothes or accessories with cheaper ones.
It is expected that in the next few years China would become the second biggest luxury goods market after The USA and maybe
the first.
Many of the biggest labels already benefited the fast growing of the luxury goods market and their shops opened doors at China’s territory. Thanks to China many of the world famous labels enjoy an unexpected increase of the sales in the time of recession: Pierre Cardin; Prada; Louis Vuitton; Hermes; Chanel; Cartier; Gucci; Patek Philippe; Giorgio Armani; Burberry, Hugo Boss; Versace. These are the most popular labels for fashion and accessories.
Here is another interesting fact: China’s Government forbade advertising of luxury goods in their medias. The reason is that according to the Government this causes wrong morals and creates prerequisites for corruption i.e. bribe in the form of an expensive present.
Only time will show if the tendency of increasing demand of luxury goods at China’s territory will go on or not.
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Modekollektion Svetlana Grigorova
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