China buys up half the world’s luxury goods

[cnleio]

LOL chinese brag and brag until banana fall from the trees.

I want to bet with chinese posters here: there is little difference in wealth accumulation between china and other developed countries such as america and germany.
- 1% of the population holds 30% of all the money, company shares, properties and other assets.
- 10% of the population hold 50%. 40% the rest.
- the poor 50% hold little to nothing.

I guess these luxury goods are bought mostly by the thin 5% layer of chinese population. the new rich tend to show off, have tendency to waste money, buying things they don´t need, just impressing people they don´t know.

Did u ever guess a Chinese can earn 10,000 RMB /month salary before, or normal Chinese family can earn 2,000~3,000 USD/ month before ? ! Such incomes not suprise in today millions of China family.

Where's Vietnamese 'Banana' ??

 

[Viet]

Did u ever guess a Chinese can earn 10,000 RMB /month salary before, or normal Chinese family can earn 2,000~3,000 USD/ month before ? ! Such incomes not suprise in today millions of China family.

Where's Vietnamese 'Banana' ??

vietnamese banana don´t fall down automatically. you have to cut them from the trees. $3,000 is not too bad. looks chinese wages have increased a lot recently. even some german families don´t earn such amount of money. congrat!

can you tell me how much money is left at the end of the month after all usual expenses and taxes? I mean the money you can spend on such shopping avenue as frankfurt goethestrasse. I can observe a lot of chinese buyers there. what I mean is wealth/money concentration on a thin layer of population. I believe that in china is not much different to germany. yes, germany is a rich country, but 50% of the population have nothing, will never enter such shops.

 

[cnleio]

vietnamese banana don´t fall down automatically. you have to cut them from the trees. $3,000 is not too bad. looks chinese wages have increased a lot recently. even some german families don´t earn such amount of money. congrat!

can you tell me how much money is left at the end of the month after all usual expenses and taxes? I mean the money you can spend on such shopping avenue as frankfurt goethestrasse. I can observe a lot of chinese buyers there. what I mean is wealth/money concentration on a thin layer of people. that in china is not much different to germany.
View attachment 195189

Seriously most of normal Chinese family can reach $2,000, less can earn $3,000.

1. In China the personal income tax is begin over 3,500 RMB basic salary, for example 5,000 RMB/basic salary will deduct 200 RMB or 10,000 RMB/basic salary will deduct 900 RMB ... but most Chinese company they r smart to send less money in basic salary and most in bonus + subsidy + additional benefit which can reduce tax. As far as i experienced, at most deduct 500~800RMB from my month salary.

2. China didn't have consumption tax yet.

3. The best & quick way to earn money is doing business in China ... try to earn only 1 RMB from 1.3billion Chinese wallets, u will be a 0.2 billion USD rich-man in China (6 RMB = 1 USD).
U know what i mean !

 

[mike2000]

穷则思变,富则思淫！ Chinese didn't change anymore yet.

ahahahahahah.......LMAO.
Im afraid China will need decades to even start getting over the 'luxury' hangover. I dont blame them thopugh, When you have been closed off for decades and poor/isolated, You will expect these people to all want to 'enjoy their life to the fullest once they can now visit /see the world and splash their money/new found wealth . Nothing new/surprising about that.

Keep buying our western luxury stuffs, its expensive but worth it. It helps our economy/companies while at the same time giving the respect/status the Chinese want/desire. WIN-WIN situation.

 

[sicsheep]

ahahahahahah.......LMAO.
Im afraid China will need decades to even start getting over the 'luxury' hangover. I dont blame them thopugh, When you have been closed off for decades and poor/isolated, You will expect these people to all want to 'enjoy their life to the fullest once they can now visit /see the world and splash their money/new found wealth . Nothing new/surprising about that.

Keep buying our western luxury stuffs, its expensive but worth it. It helps our economy/companies while at the same time giving the respect/status the Chinese want/desire. WIN-WIN situation.

lol, wonder where we got all those currency, you can also keep buying your kids those plush toys we dump at you, it is win win indeed.

 

[SipahSalar]

I never considered Apple a luxury

What do you consider to be luxury?
Apple is an over-priced phone and yet you say it's not a luxury?
Don't think that you are not paying for it, verizon, att will make you pay each and every penny for the $700 phone, you just wont notice it.
I see students in USA with $60,000 debt but still rushing to buy iphones just because of this way of thinking. Only in USA will they be fooled into thinking they are entitled to own it. Americans have no concept of saving and austerity, well at least not this generation.

 

[Hamartia Antidote]

What do you consider to be luxury?
Apple is an over-priced phone and yet you say it's not a luxury?
Don't think that you are not paying for it, verizon, att will make you pay each and every penny for the $700 phone, you just wont notice it.
I see students in USA with $60,000 debt but still rushing to buy iphones just because of this way of thinking. Only in USA will they be fooled into thinking they are entitled to own it. Americans have no concept of saving and austerity, well at least not this generation.

Believe it not $60,000 is not much debt these days. You can easily have much higher than that.

Average starting salary across disciplines is $45K/yr
Starting Salaries Up 1.2 Percent for Class of 2014 Grads


http://www2.deloitte.com/content/dam/Deloitte/it/Documents/about-deloitte/GP_Luxury_2014.pdf

Top 75 luxury goods companies
Aeffe SpA
Kate Spade LLC
Audemars Piguet & Cie
Kering S.A.
Aurum Holdings Limited
Longchamp S.A.S.
Breitling SA
L’Oréal Luxe
Brunello Cucinelli SpA
Loro Piana SpA
Burberry Group plc
Luxottica Group SpA
Canali SpA
LVMH Moët Hennessy Louis Vuitton SA
Cerruti 1881 S.A.
Marcolin SpA
CFEB Sisley SA
Max Mara Fashion Group
Chopard & Cie
Michael Kors Holdings Limited
Christian Dior Couture
Moncler Spa
Clarins SA
Movado Group, Inc.
Coach Inc.
Mulberry Group Plc
Cole Haan LLC
Only the Brave S.R.L.
Compagnie Financiere Richemont SA
Patek Philippe SA
Coty Inc.
Paul Smith Ltd.
D. Swarovski & Co.
Pomellato SpA
David Yurman Enterprises LLC
Prada SpA
De Rigo SpA
Puig, S.L.
Dolce & Gabbana S.r.l.
PVH Corp.
Elizabeth Arden Inc.
Ralph Lauren Corporation
Ermenegildo Zegna Holditalia SpA
Renown Inc.
Estée Lauder Companies Inc.
Roberto Cavalli SpA
Euroitalia S.r.l.
Rolex SA
Falke KGaA
Safilo Group SpA
Festina Lotus SA
Salvatore Ferragamo SpA
Forall Confezioni SpA
Shiseido Company, Limited
Fossil Group, Inc.
Sociedad Textil Lonia SA
Gerhard D. Wempe KG
Sungjoo Group
Gianni Versace SpA
Swatch Group Ltd.
Giorgio Armani SpA
Tiffany Inc.
Graff Diamonds Limited
Tod’s SPA
H. Stern Comercio e Indústria S.A.
Tory Burch LLC
Harry Winston, Inc.
True Religion Apparel, Inc.
Hermès International SCA
Tumi Holdings, Inc.
Hugo Boss AG
Valentino Fashion Group SpA
Inter Parfums Inc.
Wolford AG
Jeanne Lanvin S.A.

 

[Arya Desa]

Why chinese so keen on foreign brands?

 

[SipahSalar]

Believe it not $60,000 is not much debt these days. You can easily have much higher than that.

Average starting salary across disciplines is $45K/yr
Starting Salaries Up 1.2 Percent for Class of 2014 Grads

You are right about only one thing, that you can easily have more than $60,000 debt. Raise in starting salary means nothing after you adjust it for the rise in cost of living and other goods. You will find a plethora of literature on if you do a simple google search about how your students will have to work longer and longer to pay of these debts and how these are causing problems for them. Americans are having more trouble paying off their student debt than their houses - The Washington Post
Anyways i didn't want to debate on debt but my point was, 15 years ago conventional wisdom would have dictated that when in so much debt, avoid expensive things.

As for apple, Apple is a luxury brand, not a tech company

As for your family having expensive gadgets, good for you! Sense of luxury is just a matter of perspective.

 

[BoQ77]

Good move, Chinese buyers !!!
Buy more and more, pls !!!

 

[Aepsilons]

My wife and I both have iPhones and we both have MacBooks and my kids have iPads. I never knew I was living in such luxury.

lol

 

[BoQ77]

2. China didn't have consumption tax yet.

GST or VAT rate in China is 17%
Chinese rushing to some place as Hongkong for shopping to avoid high tax rate in mainland.
Luxury brands in China are both expensive and high-risk as fake ones.

Go aboard to buy those cause China state budget reduced/ collected tax reduced

LOL chinese brag and brag until banana fall from the trees.

I want to bet with chinese posters here: there is little difference in wealth accumulation between china and other developed countries such as america and germany.
- 1% of the population holds 30% of all the money, company shares, properties and other assets.
- 10% of the population hold 50%. 40% the rest.
- the poor 50% hold little to nothing.

I guess these luxury goods are bought mostly by the thin 5% layer of chinese population. the new rich tend to show off, have tendency to waste money, buying things they don´t need, just impressing people they don´t know.

5% of Chinese hold passport for oversea travel :
5% of Chinese oversea traveller could spend much on luxury goods.
30% of Chinese population = over 400 million ( earn less than 2 dollars PPP / day )
6.1% = 85 million of Chinese population earn less than 2,300 rmb / year = 6.3 rmb / day = over 1 dollars / day ( as official report )

The ADB report says economic vulnerability resulting from natural disasters, illness and unemployment should be taken into account. By these criteria, it says the poverty threshold should be raised to 2 dollars per day, in purchasing power parity. That would place 30 percent of people in China below the poverty line

 

[xenon54 out]

DELL's Alienware, it is a Luxury in China.

I have one, its nice but i wont buy again, its overpriced, a better custom PC would be cheaper.

 

[Economic superpower]

Chinese are rich!

 

[Hamartia Antidote]

You are right about only one thing, that you can easily have more than $60,000 debt. Raise in starting salary means nothing after you adjust it for the rise in cost of living and other goods. You will find a plethora of literature on if you do a simple google search about how your students will have to work longer and longer to pay of these debts and how these are causing problems for them. Americans are having more trouble paying off their student debt than their houses - The Washington Post
Anyways i didn't want to debate on debt but my point was, 15 years ago conventional wisdom would have dictated that when in so much debt, avoid expensive things.

As for apple, Apple is a luxury brand, not a tech company

As for your family having expensive gadgets, good for you! Sense of luxury is just a matter of perspective.

Of course it is relative. Show them that computer you are typing your message on and some will call it a luxury. Show them your new car or for some even the electricity/running hot water in your home. Everything on this planet can be considered a luxury to someone else.

Apple sold 169 Million iPhones in 2014. Any of the companies in the above list would love to sell in that quantity.