China and Her Chuppies – The New Global Luxury Market
What a great word – Chuppie. I wonder who coined it or if maybe Hu coined it.
They are the new local bigwigs, high rollers and style obsessed. They rub elbows with athletes who are national heros and members of World Cup teams.
They brave rain and heavier rain to drool over $49,000 hand-embroidered, chinchilla-lined silk coats. They watch other super model strut new fashions on stages such as 1,300 year old Confucian temple in Shanghai.
From Wall Street to Tokyo, all eyes are on China. And China is not just the world’s factory for low-cost goods, it also produces high spenders – think Lenovo and so on.
The global luxury market is somewhere around $168 Billion a year. (Who figures these things and how do they do it?) And the market is growing at a rate of 7% per year.
The new Chinese millionaires have money burning holes in their pocket. I’ve seen my wife go shopping. I wonder what she would do if she had money when she went.
What do you think?
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