China Loves Their Luxury Goods
Roberto Polet of the Gucci Group has said that China is fast emerging as the largest market for luxury consumer goods. Wealthy Chinese businessmen and their lady partners have given the luxury goods industry a much needed boost, that many high end fashion brands are looking into this market with a lot of consideration. China currently consumes about 1/4 of the total market, with many Chinese travelers making it a point to make their purchases overseas. Many of these traveling shoppers are the newly-affluent Chinese businessmen, their wives and their children. The familiar high end name brands apparently give them a boost in their newly enjoyed social status.
With this latest development, China could overtake USA in the next few years, when it comes to luxury goods purchases.
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- Posted in Fashion News on December 28th, 2009
