Global Luxury

Unquestionably, The United States holds the highest number of consumed luxury goods. But what if to say this would not be true in the future? By 2015, predicted by luxury-goods executives, China is promised to surpass the United States in its consumption. As of now China is the world’s third largest consumer of luxury goods. According to Goldman Sachs report in December 2004, China accounts for twelve percent of global sales. In this society’s new economic freedom, capitalists are eager to present their social wealth – turning to the luxury must-haves of French labels. Approximately twenty-two percent of affluent consumers in China own a Rolex. These Chinese consumers buy luxury goods to help define their identity. The Asian concept of pride and dignity is a major reason they invest in these couture brands. In this rapid growing economy, status symbols are the easiest way to demonstrate wealth and power.

*the above image is the Chinese character for "fashion."