Skip to comments.Chinese Spend More Money On Luxury Goods Than Europe And The U.S. Combined
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
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 >
(Excerpt) Read more at businessinsider.com ...
Maybe they are more into luxury goods than real estate.
For sure, China's got a lot more "capitas" than anybody else (India's up there too, of course) so China's per-capita spending wouldn't have to be even close to the U.S. or Europe and the totals would still favor China.
Yeah, luxury goods like toilets, indoor showers with hot and cold running water, garbage disposals!
Actually there is something comforting in displays of basic human nature. To flaunt wealth, to revel in success is so human and shows how shallow the ideals of communism were. It is a tragedy that so many Chinese died in decades past to support a lie.
That doesn't sound comforting to me; it sounds sad. Trying to put on overt displays of luxury goods is what got a lot of people into debt here in the U.S.A.
One of my sisters used to tell me "You must be rich, if I had your money I'd buy a Mercedes, and some jewelry and hang my arm out the window and flaunt it.". Never mind that I could afford it, but I'm satisfied driving an old pickup truck. Well, we retired early, debt-free, but my sister and her husband lost their home (squandered the equity from the home and lost it) and they're flat broke with creditors chasing them. They threw most of their money away on expensive goods they could not afford.
It's okay to spend some disposable wealth on luxury goods, but going overboard is just plain crazy.
Some of the most legendary collectors of Cuban cigars are Chinese.
Asia’s population is also greater than the U.S. and Europe combined.
Are aircraft carriers and anti-satellite weapons considered luxury items?
They can have all the RINO penises they want!
It doesn’t surprise me that the Chinese are more into luxury spending. They don’t have a massive welfare system to maintain (that increases by the brood), plus they have a govenrment who is terrified of a restive population and so does all it can to enable their populace to succeed and then maintain the economic good fortune in any way they can.
This is my future Chinese overlord: http://www.imdb.com/media/rm2361760000/nm0001472
If he’s willing to leave his first wife, he should be willing ot leave his second! For me!
In China, the state subsidizes a lot of necessities, so food is stupid cheap.
The US ships frozen Butterball Turkeys to China and Chinese owned groceries in Asia.
The frozen Turkeys are transferred to a hot metal shipping container, and distributed.
They arrive to the port thawed. The Chinese refreeze them..in the morning and let them thaw in the night...repeating the same process.
If a product is expired...not a problem..scratch out the date.
My wife works with a woman born in China. She and her mother (who hadn’t been there for many years) return to China for a visit. She couldn’t believe the wealth in the cities. Expensive cars, clothes, jewelry, homes, etc. She was stunned by their love of high quality expensive stuff.
Of course, most of the rural areas still suck pond scum for a living.
So the Chinese are growing tired of Made in China crap? No wonder they’re foisting it off on the rest of the world!
My neighbor says the same.
America used to make things.
We should again.
At least someone’s doing well in this depression. Good work, China...
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.