In a recent street survey of 100 Chinese in Beijing, Moneyweb.com asked how people would spend CNY50,000 (USD7,700). Forty percent of those surveyed said they would put the money toward buying real estate – a common goal among bachelors looking for a wife. But despite this very practically-minded majority, the second-most popular answer is anything but conservative: thirty percent of those surveyed chose to spend the money on an exotic vacation.
Consulting firm McKinsey and Co. predicts that by 2015, China’s luxury spending will more than double. Chinese consumers are projected to make up at least 20 percent of the world’s luxury goods purchases.
The growing power of consumption has inundated China with Western companies seeking a piece of the emerging market. The tourism market is no different, although it faces unique challenges from other, goods-oriented companies.
(Source: red luxury)