We know China is already running top scores for population explosion but now it looks like its chasing yet another dream. It is expected to leave Japan behind and become the world’s largest consumer of high-end goods by 2015 i.e. just 4 years from now. It was the Chinese Commerce Minister Chen Deming that publicly announced this on 7th march.
China owes its increased consumption to the large population, rising incomes figures and inadequate supplies of home-made high-end brands. Chinese population’s consumption of high-end products rose to as much as 23 percent in 2010. Also the number of Chinese people shopping for for luxury goods overseas showed a significant increase of 30 percent. The Chinese Government intends to develop country’s own brands and will toss out schemes which will facilitate foreign brands to sell their Made-in-China products directly in the Chinese Market.
The Government also intends on revamping its sales network and intends to bring in a wave of regulations in the retail markets to reduce charges in circulation. So looks like that the contagious air of global meltdown is finally thinning down and the world economy is getting close to another boom.
India looks like it will be close on China’s tail. Citizens from these 2 countries, along with Russians, are proving to be the top spenders during this era of crisis for many countries throughout the world. In particular, requests for luxury properties have increased considerably, specially in the area of the Costa Blanca in Spain, and most petitions proceed from clients from one of these 3 countries.