Skip to comments.Top 2% of Chinese account for third of global luxury sales
Posted on 10/19/2013 6:02:03 AM PDT by TigerLikesRooster
Top 2% of Chinese account for third of global luxury sales
Published: Thursday, 17 Oct 2013 | 11:37 AM ET
By: Robert Frank | CNBC Reporter and Editor
Is the luxury industry becoming too reliant on China?
A new report from A.T. Kearney finds that just 2 percent of China's population accounts for about a third of the world's luxury consumptioneverything from cosmetics and private jets to jewelry, watches and handbags.
The report said that the country's importance to luxury is likely to grow in the next three to five years as China creates more wealthy consumers.
(Excerpt) Read more at cnbc.com ...
That sounds astounding until you figure out how many people are in the top 2$ of China’s population.
It’s called wealth distribution. We only have the one percenter’s.
Some reason the barking-moonbats-for-hire aren’t protesting in the streets of China against the ‘Two Percenters?’
It’s not FAIR! *SMIRK*
By definition, luxury goods should only be bought by the very richest. In any event, 2% of the Chinese population equals about 1/3 of 1% of the world’s population. Since they are buying 1/3 of all the luxury goods, the other 5/6ths are buying the rest, that means that about 1% of the world’s population are buying all of the luxury goods (not accounting for the middle class guy who buys one luxury good, such as a Rolex watch). Sounds about right.
These luxury goods purchasers do several good things. They provide decent work for yacht builders and watch craftsmen and Mercedes-Benz mechanics, they send their money to places like the U.S., and they pay big $$$ for the first technological goodies that the rest of us get at 10% of what they paid a few years later (e.g. large plasma and LCD TVs). Also, they provide capital for real growth and have a vested interest in having the investment work, even though they can’t take it with them.
You had to go and spoil a good rant against the “Evil Rich” by injecting facts & reality into the argument!
Keep buying, so workers still have jobs making the luxury goods.
And all of them are buying real estate on the San Fran Peninsula to avoid confiscatory wealth taxes being considered by Beijing. Average house price in a number of our towns has now gone past $2 million.
I don’t buy Made in China stuff. Yes, I shop at Wal-Mart, but I gladly share my receipts as proof. 61,000+ American distributors; why shop anywhere else? ;)
Many of the rich are bored sill by what they have they already possess so they go out and buy more and 90% of it is ridiculous like $10000 handbags and three closets full of shoes. Instead of catering to them and kissing their arses we need production oriented toward what middle class consumers need but that middle class needs more money to buy these items. We need to produce it here. We need a larger middle class like we did 40 years ago and smaller wealthy class
The Democrats cater to this desire thus are winning. Their solution for how to get there by taxes is a lie and BS. I wish I knew a good way to get there but it was better when America had a more even distribution of wealth
Catering to the degenerate consumerist desires of the rich is what slaves and serfs do in feudal times and is not appropriate for a free country with the Constitution we have
I shop at Walmart and there maybe 4 times a month but I despise their business model. While the WalMart defenders here at FR....I get the impression most never shop there
Liberals account for more than 1/2 of all luxury purchases.
I live in the boonies; my shopping choices are limited, unless I choose to drive 15-20 miles.
I tend to ignore those that feel the need to critique my life; I’d put my life up against any of them as to who ‘lives more lightly.’
As an added bonus, I’m CHEAP and easily entertained by everyday life. ;)
(See my tagline...)
Many products that claim “Made U.S.A.” are simply assembled here to avoid the law. The parts are made in China. Companies are rarely prosecuted for violations of the law so they will even simply package the product here and label it as made in the USA. The law basically allows them to claim made in the USA if final assembly is done here.
I am a fellow cheapskate. I have outside garden, fruit trees etc stuff to tend to each day. I hope to greatly streamline this but this slave work gives me joy. Best corn on cob I ever had was in your state. I’ll be over next hunting season go tell your husband :)
I use and other people here get wood chips dumped on property by the tree trimmers (free stuff) And mulch like carzy with it. Humus is where it is at also a little NPK. By the way Walmart here has the cheapest 10-10-10 which I do buy but for some garden items. But the fruit trees get a more expensive fertilizer that has minors like iron magnesium etc
Check out biochar for some interesting humus creation and creation of better soil. I am in a suburban situation so I cannot make biochar.
Thanks for the tip! I used granular 10-18-10 (New Lawn Starter) on my fruit trees this spring, as they were leafing out. I had TONS of cherries and peaches. My apple trees still aren’t all that mature, so only a few apples - but it was better than nothing!
(Thread officially hijacked, LOL!)
I only buy basics. I’m confident my TP is Made In Wisconsin, thanks to Kimberly-Clark and all the paper mills we have. ;)
But, I see what you’re saying...
As for clothing, I shop 2nd hand for the most part. If it’s made overseas, at least I’m keeping it out of the landfill or out of the hands of a HOARDER for a bit longer. :)
I sleep well at night knowing little of my $ is going to the Chi-Coms. But, as far as my Tax Dollars? Can’t do much about the Commie hands they’re falling into these days - but the tide is turning. :)
You might not need iron and other trace elements in a fertilizer where your are so you can get buy with less expensive fertilizer. But the slow release nitrogen fertilizers mimic animal manures
But for sure on your younger trees — non fruiting— mulching to the drip line helps root development thus faster tree development