THE CHINESE ARE COMING FOR YOUR PRADA!!
THE JAPANESE RAN OUT OF MONEY NOW CHINESE TOOK OVER
Last year, the World Luxury Association (WLA) announced the spectacular rise of the Chinese luxury customer. Now, the WLA says that China has overtaken the USA as the second largest market for luxury goods in the world, behind longtime leaders Japan. With consumption of luxury goods at USD8.6 billion, a local Chinese magazine announced that the Chinese are “The People that Wear Prada.”
Ouyang Kun, China Chief Representative of the WLA, said, “If you take into account the luxury goods that Chinese tourists buy overseas, the total spending would be even larger. Chinese people have spent 25 percent more on luxury goods every year so far.” If China maintains this pace, it will overtake Japan as the number one luxury market in the world in five years.
