According to new data out from Ceros, wealthy shoppers in Latin America, China and India are pushing the luxury envelope.
“The rise of wealthy indivisuals across the world has created countless new markets for luxury goods,” was written in the report. “Where there is wealth, there is demand for luxury goods. Given the high return on those goods, and slowing sales due to weakened growth, it’s easy to see why so many savvy businesses have an eye on Asia, India and Latin America to grow their brands.”
They point out that there were no Chinese billionaires in 2003 but in 2013 there are 122 and that there has been a 50% growth rate for Latin American millionaires during the same time period.
Just what are the newly rich spending on?
• In India the wealthy are spending on weddings – $38 billion annually
• In Mexico, wealthy consumers are spending on designer duds – $3.88 billion (2012)
• In China, spending on premium cars (BMW, Mercedes) increased 32% and premium watches (Rolex, Piaget, Cartier) 43% in 2012
• Both Latin Americans and Chinese are shelling out dough for top-shelf liquor