Tired of hearing about the rising economic power of the Chinese? Well I’ll tell you who isn’t, Chinese people. And who wouldn’t. Who doen’t want to hear that their team is rising and getting more powerful? Well here’s some more.
A recent Paris, AFP post reports that Chinese consumers will be the leading buyers of luxury brands by the year 2015. Sound a bit vague? Maybe just to me.
To be a bit. More specific, the Boston Consulting Group states, “We predict that by 2020, more than 330 cities in China will have the same level of disposable income that Shanghai had in 2010, and that by 2015, China will become the world’s largest luxury market.  [pullquote]by 2015, China will become the world’s largest luxury market.[/pullquote]
The article goes on to mention that half of the luxury purchases made by both Brazilians and Chinese are made by those taking trips abroad. These purchases are expected to increase in the future as well.
So, what does this mean for you? Well if you happen to be a Louis Vuitton peddler, obviously, be nicer to Chinese and Brazilian tourists. For the rest of us, it not only shows that financial trength of a nation can come and go. Centers of finance change over time. This may not happen many times within each Of our lifetimes, but small trends of change are always taking place within larger ones.
If you’ve read any of our previous posts you may have noticed that we don’t really validate predictions of the future. A prediction, or forecast is really just a well researched guess. What this prediction does show, is that the trend of increasing buying power in the Brazilian and Chinese economy are strong enough for research organizations to predict more growth in the future.
1. AFP. 2004 China consumers first in luxury line by 2015. The China Post. June 6. p6.