Posted on 10/27/2011 8:47:27 PM PDT by blam
Chinese Spend More Money On Luxury Goods Than Europe And The U.S. Combined
Gus Lubin
Oct. 27, 2011, 5:06 PM
The size of China's luxury boom is absolutely incredible. Here are some facts based on a UBS report:
* Last year emerging Asia accounted for around 50% of global luxury sales, most of which came from China. The Chinese probably spent more on luxury than the Americans and Europeans combined.
* Emerging Asia accounted for 60% of luxury growth.
* Tourists from emerging Asia account for half of luxury sales in Europe and 15% of sales in the U.S. Most of these tourists came from China -- over 50 million of them last year.
Thus luxury is another industry that is screwed if China crashes. Happily UBS's Eva Quiroga says there are no signs of a slowdown. For instance:
* Top European luxury companies reported around 41% year over year growth in emerging Asia for the third quarter
* Watch exports to China were up 47% in September Hong Kong malls reported booming traffic during the Golden Week holiday
* China's millionaire and billionaire population is soaring
Now take a tour of the richest village in China >
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(Excerpt) Read more at businessinsider.com ...
At least someone’s doing well in this depression. Good work, China...
ick.
Last year, my kids went to school with quite a few expat kids and families who had just returned from China. They all said the same thing — they saw wealth they never knew existed. Sheer opulence.
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