luxury spending china

China's Growing Appetite for Luxury Labels

Filed under: Wealth

The luxury market in China is booming, so much so it's now the second largest in the world (behind only the United States) and growing 15% more every year. The shoppers in China can't seem to get enough designer labels and premium goods despite high luxury taxes and piracy driving prices up. Shanghai has been particularly indulgent, as have some smaller towns like Shenyang and Harbin, although you might not know it by walking through the mall or visiting a boutique as many high-end shoppers prefer to have the merchandise brought to them from the store. It's not unusual for a single customer to spend upwards of $129,000 in a single sitting.

Although the market is so good that many retailers can't afford not to be there, the Chinese definitely have their favorites and not all brands are faring equally. Among the most successful are Louis Vuitton, Gucci, Calvin Klein, and Cartier.

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Tags: asia, asian markets, china, economy, luxury goods, luxury market, luxury spending china, spending