Luxury brands keep growing in China
10/11/2010
The Bain report suggested that the wealthiest families in these cities were spending an average of Rmb186,000 per year on luxury goods, while their counterparts in tier-one cities such as Beijing and Shanghai spend Rmb166,000 per year on average on these goods.
Bain expects luxury goods spending in China to rise by 23 per cent in 2010 and adds that almost all of this spend is on imported brands because no Chinese brand has yet established itself in the luxury sector.
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