Battered Luxury Brands Eye Chinese Market For Growth
While the developed world tighten their belts and focus spending on daily necessities, the big luxury companies are looking to China’s new rich to buy their jewelry, clothes and bags.
The Chinese market shows remarkable resilience in the financial crisis because it has an increasing number of people able and willing to buy luxury goods, says Guo.
“Unlike the mature traditional markets, demand in China is far from saturated either materially or psychologically.”
The high-end market, which was once believed to be immune from economic downturn, has seen weakening sales growth or even declines in the traditional markets of the United States, Europe and Japan, analysts say.
A study by the Bain & Company consultants in October predicted global luxury goods sales growth would slow sharply to 3 percent to hit 175 billion euros (220 billion dollars) in 2008. The slower growth rate stood in sharp contrast with 6.5 percent in 2007 and 9percent growth in 2006.
The study also forecast the luxury sector would face its first recession in six years in 2009, with sales declining by up to 7 percent.10luoyuejun0827
Miu Miu Aged Leather Tote
The color pink has an affinity to me. It is such a feminine shade, and the plethora of hues really gives a variety of options if you want to wear pink. I already fell head over heels in love with the Miu Miu Ostrich Tote (the kind of burning, pining, cherishing love) and now the Miu Miu Aged Leather Tote which sports pink aged leather with gold hardware has my heart also. The color on this handbag shape just lures me in. I am hooked. There is a handle or shoulder strap option and three separate compartments on the inside. My only problem now is to decide between the pink, the gray ostrich, or both