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Luxury brands look to China for cushion in crisis
... By 2015, China will have more than 4 million households with annual income above 250,000 yuan ($37,000), McKinsey predicted in a recent report. That will make it the world's fourth-largest country in terms of its number of households with substantial purchasing power after the United States, Japan and the United Kingdom. McKinsey said the benchmark was adjusted for purchasing power parity for each country.

And most of that money likely will be spent in China. McKinsey said its research found wealthy Chinese do 70 percent of their luxury spending at home, contrary to the industry wisdom that Chinese people make at least half their purchases abroad.

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Companies are expanding inland to cities like Chengdu to reach customers "who can already afford and who will aspire to the image projected by luxury brands," said Bain's D'Arpizio.  ...



Truth unfolds in time through a communal process.
by marco on Sun May 10th, 2009 at 09:59:34 PM EST
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