If you think about luxury goods and China—the odds are slim, we know—you probably think about cheap knockoffs of brand-name wares.But that’s all changing. China is minting millionaires at an amazing pace—there are 2.7 million in the country, according to the Hurun Report—and they increasingly want the prestige of real luxury goods.
China’s set to overtake Japan as the largest market for luxury goods in the world. And unlike Western countries, where the typical luxury consumer is older, most of the buying in China is buy women under the age of 45.
We asked Brian Buchwald, the CEO of Bomoda, a startup which publishes an email newsletter for Chinese luxury-goods consumers, for some insight into the market. Here’s what he shared.