West is turning towards East for simple reason that there is a growing market for all kinds luxury goods world has to offer thanks to the unprecedented economic growth of China. Rolls-Royce Motor Cars Ltd has plans to sell nearly 800 high end cars in China in 2011. China has 6.1 percent more millionaires this year and this explains growing demand for luxurious Rolls Royce’s Phantom and Ghost Sedans.
It is intriguing how China has turned the entire economic tide towards itself and is making most of it too. No other country can boast of such economic growth and increase in household income. Rolls Royce has entered Chinese market at right time, it is adding more dealers and China is all set to become its main market. A Rolls Royce Phantom costs nearly 6.6 million yuan (nearly $990,000) in China while Ghost comes for 4.1 million yuan. Prices are higher than US because of high import duties and other taxes but still it doesn’t deter neo rich Chinese buyers because they have money to spend on best brand.
It looks like China will become high end luxury industry market in coming years if this trend continues. The tide has indeed turned towards east and one has to wait and watch whether it does luxury world good or not.