Interesting article in the New York Times a couple days ago about the growing importance of Asia as a luxury market.
While this is not a new trend, as the NYT notes, "Asia’s role in the market for super high-end luxury goods is mushrooming, reflecting an underlying shift in consumer spending power that has been creeping along for years, but which received a boost from the global economic crisis."
They go on to note some interesting facts (excerpted and listed below as bullet points):
- Christie’s and its rival Sotheby’s say that in the last few years Hong Kong has emerged as a top location for sales of expensive jewelry, gems and fine wines. Asians have also become major buyers of ultraluxury goods at their auctions in London, New York and Geneva.
- Christie’s said that in the spring season, Asian buyers accounted for 61 percent of the total sales value at its New York, London and Hong Kong wine auctions. Four years earlier, the figure was 7 percent.
- Rolls-Royce, which did not even have dealerships in Asia until 2003, immediately received 20 orders for its new $250,000 Ghost when it presented the car in Hong Kong last month — despite taxes that double the price.
- China, the world’s most populous nation, has already become the biggest global car market, having overtaken the United States earlier this year.
- The number of known billionaires in China has grown to 130 from 101 in 2008.
- China’s population of “high net worth individuals,” those worth $1 million or more, surpassed that of Britain for the first time last year
- Christie’s said that in the spring season, Asian buyers accounted for 61 percent of the total sales value at its New York, London and Hong Kong wine auctions. Four years earlier, the figure was 7 percent.
