The luxury market is an outlier in the midst of a depressed economic landscape. Different variables have become a bonanza of business despite the global economic crisis. And one of the main reasons has been the launch of the emerging regions.
China, the country’s capitalist communism, is the main engine. It has 940,000 millionaires. And everything points to surpass Japan in 2015, where growth slows down as the second market for luxury goods. Represent 20% of the world, according to a report by consultancy McKinsey. Or what is the same, a total of 27 billion dollars.
The consumption of luxury products and services by the Chinese dragon grew even during the fateful year 2009, when the whole world trembled for the fall of Lehmann Brothers and the start of the financial crisis. Chinese millionaires then consumed 64 billion RMB, a 16% increase over the previous year. This trend counteracts the fall in domestic consumption in Europe, the epicenter of the great luxury brands.