China's passion for luxury goods increases

CHINA

Swiss & Global's Andrea Gerst and Scilla Huang Sun explain how Chinese growth is affecting the luxury goods market

Luxury demand has increased 30% annually over the past three years and with continued strong demand, growth will remain in the double digits for years to come. Generating roughly 50% of industry growth, the Chinese represent the primary growth driver of the industry. Things are advancing fast in Emerging Asia and soon the Chinese will be the biggest buyer of luxury goods worldwide. Many young millionaires Wealth creation is the main driver of growth in the luxury industry and private wealth is rising fast in China. The economy has grown by 10% annually over the past ten years, three...