Market of Asia
https://atlassociety.org/commentary/commentary-blog/5437-the-asia-luxe-explosion The Asian market has become vital for the growth of designer brands. In Tokyo, 94% of women in their 20s own a Louis Vuitton bag. Hong Kong boasts more Gucci and Hermes stores than Paris. China’s passion for luxury has grown with such gusto that the Chinese consumer is already responsible for 10% of global luxe sales. And, in India, there are three-month waiting lists for the latest trendy accessories. In the last two decades a “luxeplosion” has been rocking Asia, carrying in its sweep not just the wealthy but also secretaries toting their Burberry bags, junior executives sporting Rolex watches, and university students strutting in Salvatore Ferragamo shoes. Luxury brands have become an everyday reality for millions of Asians. The luxury brand cult is so powerful that Asian consumers account for half of the US$80 billion global luxe industry. Europeans have more money and America...