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Chinese Spend More Money On Luxury Goods Than Europe And The U.S. Combined
TBI ^ | 10-27-2011 | Gus Lubin

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 >

(snip)

(Excerpt) Read more at businessinsider.com ...


TOPICS: News/Current Events
KEYWORDS: china; luxury; millionaires; wealth

1 posted on 10/27/2011 8:47:35 PM PDT by blam
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To: blam

not dire.


2 posted on 10/27/2011 8:56:42 PM PDT by ken21
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To: blam

Maybe they are more into luxury goods than real estate.


3 posted on 10/27/2011 9:00:36 PM PDT by married21 (As for me and my house, we will serve the Lord.)
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To: blam
I'd be more interested in the PER CAPITA spending comparison.

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.

4 posted on 10/27/2011 9:04:58 PM PDT by dayglored (Listen, strange women lying in ponds distributing swords is no basis for a system of government!)
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To: blam

Yeah, luxury goods like toilets, indoor showers with hot and cold running water, garbage disposals!


5 posted on 10/27/2011 9:10:36 PM PDT by zerosix (native sunflower)
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To: blam

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.


6 posted on 10/27/2011 9:12:18 PM PDT by dog breath
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To: dog breath
Actually there is something comforting in displays of basic human nature.

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.

7 posted on 10/27/2011 9:42:15 PM PDT by roadcat
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To: blam

Some of the most legendary collectors of Cuban cigars are Chinese.


8 posted on 10/27/2011 9:48:21 PM PDT by M1903A1 ("We shed all that is good and virtuous for that which is shoddy and sleazy... and call it progress")
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To: blam

Asia’s population is also greater than the U.S. and Europe combined.


9 posted on 10/27/2011 10:17:05 PM PDT by ph12321 (We must, indeed, all hang together, or assuredly we shall all hang separately - Benjamin Franklin)
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To: blam

Are aircraft carriers and anti-satellite weapons considered luxury items?

Just asking.


10 posted on 10/27/2011 10:19:48 PM PDT by Cringing Negativism Network (America First)
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To: blam
I, too, welcome our Chinese overlords.

They can have all the RINO penises they want!

11 posted on 10/27/2011 10:32:59 PM PDT by who_would_fardels_bear
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To: blam

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.


12 posted on 10/28/2011 12:15:09 AM PDT by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: who_would_fardels_bear

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!


13 posted on 10/28/2011 12:27:56 AM PDT by Niuhuru (The Internet is the digital AIDS; adapting and successfully destroying the MSM host.)
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To: roadcat

In China, the state subsidizes a lot of necessities, so food is stupid cheap.


14 posted on 10/28/2011 12:34:42 AM PDT by HiTech RedNeck (There's gonna be a Redneck Revolution! (See my freep page) [rednecks come in many colors])
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To: ken21

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.


15 posted on 10/28/2011 12:42:22 AM PDT by bushpilot1
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To: zerosix

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.


16 posted on 10/28/2011 2:42:29 AM PDT by Right Wing Assault (Dick Obama is more inexperienced now than he was before he was elected.)
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To: blam

So the Chinese are growing tired of Made in China crap? No wonder they’re foisting it off on the rest of the world!


17 posted on 10/28/2011 3:33:40 AM PDT by Moltke (Always retaliate first.)
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To: Right Wing Assault
"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. "

My neighbor says the same.

18 posted on 10/28/2011 4:10:26 AM PDT by blam
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To: Moltke

America used to make things.

We should again.


19 posted on 10/28/2011 4:12:19 AM PDT by Cringing Negativism Network (America First)
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To: blam
I wonder if they are including Gold and Silver as luxury goods? I have read that China is buying gold and silver like there is no tomorrow.
20 posted on 10/28/2011 5:44:08 AM PDT by 2001convSVT (Going Galt as fast as I can.)
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To: blam

At least someone’s doing well in this depression. Good work, China...


21 posted on 10/28/2011 5:58:05 AM PDT by Caipirabob ( Communists... Socialists... Democrats...Traitors... Who can tell the difference?)
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To: bushpilot1

ick.


22 posted on 10/28/2011 7:36:37 AM PDT by ken21
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To: Right Wing Assault

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.


23 posted on 10/30/2011 7:06:39 AM PDT by riri
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