China’s Millionaires Driving Luxury Goods Sales
With an estimated 350,000+ millionaires in China, the country now ranks #2 in Asia behind Japan in this measure of wealth. Advertisements for jewelry, watches and other luxury goods line the streets in major Chinese cities as companies look to cash in on the boom in East Asia riches.
Telegraph reports that Switzerland-based luxury goods retailer Richemont, whose companies include Cartier, Montblanc and Piaget, posted a 16% growth in sales in the year to the end of March. Richemont’s sales were driven by the Asia-Pacific region which grew by 21% compared with 12% in the Europe and 3% in the Americas. Telegraph: Asia Sparkles for Richemont