While China’s luxury market has slowed, it remains promising because China will have a middle and higher income market that will be larger than the entire population of the US.
According to a report by Economist Intelligence Unit, by 2030, the number of Chinese households with an income over USD150,000 is expected to rise to 10.3 million. Furthermore, more than one third of households in China will make over USD50,000 in income by 2030, reports China Daily. Currently, only one percent of households exceed USD50,000 in income.
(Source: red luxury)