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China: The eldorado of luxury

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  1. Introduction
  2. China, another giant of the global economy that luxury brands cannot be ignored
    1. The economic prowess of China
    2. An insight into the state of mind of Chinese consumers
    3. Reasons for the explosion in demand for luxury goods
  3. Limitations of the Chinese miracle
    1. The weaknesses
    2. An explosion in perspective
    3. The emerging markets
  4. Conclusion

?Five years ago, there were about 20 to 30 luxury shops here. Today everyone is here and their networks in continental China are becoming more and more significant," McKinsey management consultant Jacques Penhirin (partner of the McKinsey management consulting firm) told AFP. This is a popular quote by Jacques Penhirin, partner of the McKinsey management consulting firm. He mentioned this after the recent explosion of luxury industry in China. Indeed, although concentrated in some neighborhoods of large cities like Beijing or Shanghai, the presence of all major global brands is essential today in mainland China. In Hong Kong, these brands have been present for a long time.

[...] Among the countries undergoing economic and social development, China now appears as a paradise for international luxury brands, which, by capturing a small fraction of China's population, is able to buy such products, and are experiencing explosive growth in this countries. It should nevertheless be asked now whether such a model of development can enroll in a more long term approach by questioning the limits of the Eldorado Chinese. II. Limitations of the "Chinese miracle" The weaknesses of the "dragon" Indeed, it is impossible to mention the Chinese economic miracle without analyzing the weaknesses of China, which in the long run, may prove to be as much a threat to development in the luxury sector. [...]

[...] These constitute more than 200 million people and many are potential consumers of luxury goods: The very rich, between five and ten million people. These are the heads of large companies, expatriates, professionals, executives of the highest paid of joint ventures and top officials of the State. These consumers often have a strong appetite for high-end products and luxury from abroad than they consume in large numbers. The middle aged class of 25/35 years represents another group of about 30 million people akin to Western executives. [...]

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