Second-tier city Chengdu is betting on the high-end luxury consumption and wants to bring annually twenty world-brand luxury products into the city, writes author Helen Wang in Forbes. New targets for China’s middle class.
A cover story in Chengdu Today, “Global Luxury Brands Stride Forward in Chengdu,” reveals that Chengdu municipal government has set a goal to bring “twenty famous international brands to Chengdu every year” and “by 2015, primacy ratio of international first-tier brands will reach 80 % or above in western China.” Hurray and hurry, luxury goods companies!
In 2010, Chengdu’s retails sales reached $5.8 billion. Much of it went to luxury brands such as Hermes, Burberry and Prada. Louis Vuitton alone registered record sales of $138 million. Cartier generated more revenue in Chengdu than in any other city in China…
I had an interesting conversation with the magazine’s editor Eureka Wang. Knowing that I have written a book about the Chinese middle class, she asked me if middle class Americans are also fanatically buying luxury goods. I said “very rare.” She was surprised. “Who is buying luxury goods in America then?” she asked. “The very rich,” I said.
- Helen Wang’s “The Chinese Dream” to be published in China (chinaspeakersbureau.info)
- Who are China’s luxury shoppers? – Helen Wang (chinaspeakersbureau.info)
- “The spirit of the East and the West” – Helen Wang (chinaherald.net)
- What is the Chinese dream? – Helen Wang (chinaherald.net)
- Opportunities for US companies in China – Helen Wang (chinaspeakersbureau.info)
- Communism with Chinese characteristics – Helen Wang (chinaherald.net)