Chinese step up luxury goods search in Mayfair
According to a study from consultancy firm FDKG, Chinese shoppers now outnumber Russian shoppers in London’s luxury Mayfair boutiques. The company claims the booming economy and growing demand for international luxury goods has caused the shift.
The study found that for every Russian luxury goods shopper there are now almost 15 Chinese shoppers. Russians now take up the fourth place after China, the US and Japan. In the study, 58% of luxury goods retailers said that Chinese visitors were the most frequent.
Ken Grant, managing director of FDKG, said: “The ruble has given way to the yuan as the most significant emergent tourist currency. The strength of the Chinese economy, which is growing at 9% per annum, is now having a measurable impact abroad, with many luxury goods retailers and manufacturers benefiting passively from the enormous spending power of the Chinese ultra-rich.
“With UK economic growth likely to be fragile for some time, there are huge opportunities available for the businesses that have the wherewithal to enter this incredibly lucrative market.”
