Chinese and Indian Consumers Want Different Things From Luxury - luxury Blogs

Chinese and Indian Consumers Want Different Things From Luxury



Foreign luxury brands played a large part filling the cultural vacuum left in China after Mao. In India, it?s domestic designers who are gathering fabulous riches. Photo: Shutterstock
?The world is changing, the economy is changing, the geography of luxury is changing,? said François Le Troquer in 2012, back when he was managing director of Cartier UK. The comment came at the official launch of a Cartier short film in which the Cartier panther travels across China and India, big developing economies whose luxury markets have since evolved in different directions.
India and China opened their doors to foreign retail in the late 20th century and both countries slapped a high import duty and tax on luxury goods, making the products much costlier to buy domestically.  While in the last three decades, Chinese luxury sales have risen to occupy the number one spot worldwide at 32 percent, India lags behind, one of the last big frontiers with vastly untapped potential for luxury consumption. Currently just seven percent of the Chinese luxury market, the Indian luxury market is growing at a Compound Annual Growth Rate (CAGR) of 25 percent. The country has added around 500 new ultra high-net-worth individuals (those with investable assets of at least $30 million excluding personal assets and personal property) annually over the past decade, and over the next decade that number will double to approximately 1,000 per year.
Undoubtedly both countries? luxury markets and broader economi...
Source: thetoptier
URL: http://thetoptier.net

--------------------------------
 

Win Hearts with New Return to Tiffany Love

25-05-2016 21:52 - ( luxury )


Skyand#039;s the Limit

St Regis Residences, New York Leads The World?s Top 10 Hotel Residences

Catering to the elite clan of globe-trotters and jet-setters, the trend of luxurious hotel residences is on a rise all over the world. These buyable… [Read More]The post St Regis Residences, New York Leads The World’s Top 10 Hotel...
31-12-2015 21:38 - ( luxury )
Skyand#039;s the Limit

Oriental Residence Bangkok: A Haven in the Heart of the City

Bangkok is a lively city and at times it can feel a little overwhelming. Choosing the right place to stay can make all the difference to your overall experience and that’s why we particularly appreciated our visit to Oriental Residence...
18-01-2017 21:56 - ( Luxury Travel )
Skyand#039;s the Limit

Timex Marlin Automatic Snoopy Edition Watch Hands-On

The Snoopy Edition of the Marlin Automatic is a limited production version of the new 40mm wide Timex Marlin Automatic timepiece collection as the reference TW2R94800. As its name implies, the Snoopy Edition has an aviator-dressed version of Snoopy...
31-10-2018 21:21 - ( Watches )
Skyand#039;s the Limit

Brexit uncertainty, new mayor create conflicting signs in London housing market

The United Kingdom?s impending European Union referendum is causing London?s housing market to falter, according to a Knight Frank report. The city?s annual growth rate slowed to a mere tenth of a percent in May, its lowest rate since October 2009....
01-06-2016 21:43 - ( luxury )
Skyand#039;s the Limit

Hermès? New Silk Scarves Depict South African Art

Keeping in sync with the house?s theme for 2016, La Nature, Hermès has unveiled two new silk scarves that reflect the work of an African… [Read More]The post Hermès’ New Silk Scarves Depict South African Art appeared first on Pursuitist.
29-01-2016 21:43 - ( luxury )


-------------------------------------