Top Ten Biggest Spending Countries in Asia
Women’s Wear Daily published an article Thursday highlighting the Top Ten Asia-Pacific region countries based on project retail sales in 2007. The magazine commissioned from London-based market-intelligence firm Euromonitor International.
In 2006, the Asia-Pacific region as a whole brought in $160.1 billion in apparel and footwear retail sales — that number is expected to grow by 5.2 percent to $168.3 billion in 2007.
Not surprisingly, Japan comes out way ahead with $76.7 billion in projected retail sales of clothing and footwear. Whatever luxury brands weren’t already in Japan, are now pouring in, building flagship shops that often become architectural wonders in their own right. Next on the list is India, which is projected to hit $23.1 billion in retail sales. Topshop is currently developing plans to enter the market there, as are Sisley and Dolce & Gabbana, and Gucci just opened in Mumbai in September. Biting at India’s heels is, of course, China, with $22.8 billion in projected retail sales.