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Luxury Buying Trends in Asia, India and Latin America

Loxury Buying Frends In Asia, India and Latin America Despite enormous poverty in much of the world, there has been a rather surprising trend coming out of India, Asia and Latin America. A whole new class of super wealthy individuals is emerging and they are not shy about spending their fortunes. Rising Wealth This surge in wealth has coincided with a huge surge in luxury buying. Some analysts are predicting that well over half of all luxury spending will be coming out of these regions within the next decade. Surge in Wealthy Chinese 122 Chinese billionaires in 2003 Chinese billionaires in 2013 Rapidly Rising Latin America Growth in number Rise in of Latin American 4.4% 50% middle-class millionaires from Latin Americans 2011 to 2012 since 2003 More Money To Spend In Asia-Pacific 9.4% growth in Asia-Pacific millionaires (includes China and India) 20% of world 2012 GDP generated by China and India from 2011 to 2012 Rising Spending As wealth rises, so does demand for things to spend that wealth on. In countries with rising luxury markets, it's almost impossible to overlook the growing trend towards extravagance. They're taking a bigger market share of luxury goods, spending more on big-ticket events like weddings, and seeing more niche sales even in a weakened global economy. China's Luxury Addiction $34.6 billion Chinese luxury good spending in 2012 25% China's percentage of the world luxury market India's Massive Wedding Business $123 million $38 billion India's annual spending on luxury weddings Amount spent on just one Indian wedding Mexico's Refining Tastes $3.88 billion $2.16 billion Mexican spending on those same items in 2012 Mexican spending on designer apparel, luxury accessories and fine wines in 2004 Who Is Benefitting In The West With all of this growing spending on luxury items abroad, what Western companies and industries stand to benefit the most? As you'd expect, the companies with the biggest brand recognition tend to do the best. The availability of online purchasing and steadily decreasing trade barriers has made it easier than ever for the newly wealthy in these countries to order luxury goods from all over the world. Sweet Rides & High-End Watches 32% 43% Chinese growth in premium car sales (BMW, Cadillac) in 2012 Chinese percentage of high-end watch purchases (Rolex, Piaget, Cartier) in 2012 Top Shelf Liquors 15% jump in demand for top shelf whiskey and vodka in Latin America and Asia Asian and Latin American countries in the 10 fastest-growing liquor markets European Luxury Brands 9 European brands in China's 2013 top ten "Preferred 1 non-European luxury brands on that list, namely U.S.-based Apple Gifts for Men" indicator list The rise of wealthy individuals across the world has created countless new markets for luxury goods. Where there is wealth, there is demand for luxury goods. Given the high return on those goods, and slowing sales due to weakened growth, it's easy to see why so many savvy businesses have an eye on Asia, India and Latin America to grow their brands and their profits. cenoo Sources: | | | | | | | | |

Luxury Buying Trends in Asia, India and Latin America

shared by Ceros on Sep 09
Despite major economic woes in countries across the globe, there has been an influx of serious wealth in Asia, Latin America and India that has been fueling the luxury goods market. There is a whole ...




Aran Jackson


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