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2011
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Cmr Data
Asia's Top 5 Luxury goods by Morgan Capital & Research
The luxury lifestyle is booming, as evidenced by the 2007 Millionaire Fair held in Shanghai. The event, twice as big as the one in 2006, displayed 150 top global brands to 14,000 mainly middle-class consumers from major cities who paid RMB 700 ($79) each to look at assorted luxury wares.
Let Asian Magazine guide you through their semi-annual researched selection for Asia's Top 5 Luxury goods based on Morgan Capital & Research's Team of Research Analysts on Travel. Morgan Capital & Research the publisher for Asian Magazine which is a major research company for banks, TV stations, Energy, Consumer Goods & Services and Real Estate sectors uses its research analyst and data to formulate this magazine into a top Asian Research Magazine.
According to Morgan Capital & Research, the luxury market in China will at least double up in the next ten years. This provides a excellent opportunity for top European brands to capitalize on China's growing market.
Chinese consumers--especially consumers in their mid-twenties to mid-thirties--are optimistic. In the last several months, the China Market Research Group (CMR), has conducted what we believe is the most extensive consumer insight research in China by interviewing consumers in Beijing; Chengdu, Sichuan; Fuzhou, Fujian; Guangzhou, Guangdong; Shanghai; and Xi'an, Shaanxi about how they have adjusted or are planning to adjust their spending because of the economic crisis. 70% consumers said that they will spend more in the next 6 months than they did in the previous 6.
Foreseeing a booming market with over 165m luxury consumers, luxury brands are rapidly penetrating the Chinese market: Giorgio Armani said that it planned to open 22 outlets in China before 2006. Prada, with 22 outlets, is building a flagship store in Shanghai, according to chief executive Patrizio Bertelli. Ten years of devotion bearing fruit, Louis Vuitton has even begun to expand its business lines to second-tier cities in China.
The country is now the third-biggest consumer of luxury goods, accounting for 12 percent of sales worldwide, up from 1 percent just five years ago, according to a recent report from Goldman Sachs. If the high living continues as expected, China will surpass Japan to become the world's second-largest purchaser of luxury goods by 2015, when it could account for 29 percent of the world's luxury sales, the report said.
Asian Magazine researched selection for Asia's Top 5 Luxury goods include Asian brands and International brands and the research team for brand research is currently headed by Joseph Tan.
About the Author
And also read other articles by Asian Magazine
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09-16-09 201 CMR 17 00 Data Security Compliance Seminar - Part 2 by Bill Minahan
