At the recent Reuters Summit, it was revealed that the Chinese were the biggest luxury spenders, accounting for 25% on a global scale. The Chinese consumer market is thriving on an international scale, as consumers seek out luxury brands as being synonymous with Western heritage.Reuters noted that alcohol and timepieces were the ultimate saviours for the luxury industry, as they prepare for steady growth in 2010. As expected, both China and the travelling Chinese consumer is the white knight in this scenario with their key aspiration for Western brands.
Despite the current debt crisis in Europe, there is not concern for the euro zone due to the Chinese travellers high demand for luxury goods. With China at the forefront of luxury spending, there is no need for much worry.
In the Middle East, the luxury side of town has been named as ‘stagnant’ for 2010. As a repeat of 2009, the second quarter of 2010 is proving tougher than the first quarter.
Coach have taken to permanent price changes, in the belief that the consumer has changed forever. The company believe the consumer has been altered by heavy discounting after the financial crisis, and a wider array of price points will now follow.
Image credit: coach.com
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