The latest Wealth X White paper is out and, besides mapping the future growth of HNW individuals worldwide, it heralds a new era for global luxury brands;
“For the last decade, luxury brands have become ever more reliant on the mushrooming population of Chinese luxury consumers to shore up global sales, while managing the brand image (and often decline) in the west. Now, more and more luxury businesses appear to be moving on from this single-issue era. While China remains an immensely important market to all luxury brands — including, increasingly, ‘experience’ brands such as hotels — luxury brands are more honestly reformulating themselves as holistic global brands, focusing on international growth beyond now increasingly saturated and highly competitive markets. The most significant outcome from this has been an acceptance of China’s exceptionalism, and that ‘another China’ is not easily found.”
We asked our ILTM China Event Manager, Andy Ventris, if he agrees.