BIZCHINA / Biz Life
Top Marques earn 500m yuan
(chinanews.cn)
Updated: 2006-10-19 14:55
The four-day Shanghai Top Marques 2006 was closed yesterday, earning 500
million yuan (US$63 million). Currently luxuries are easily found in
Chinese mainland. Extravagant merchandises popular in the Western world
have also become fashionable in China.
Yang Qingshan, General Secretary of China Brand Strategy Research
Association, reveals that 13% of total population in Chinese mainland can
afford to buy luxuries. But numbers of rich people in China are actually
increasing slowly compared with the West. However, many investors earn
regard China as the most important luxury market in the world.
Luxuries such as 50-million-yuan painting, 20-million-yuan jade,
10-million-yuan racing car and 5-million-yuan article of furniture will
never be considered as astonishing gadgets.
But who bought these luxuries at the Top Marques? According to its
organizers, buyers are those billionaires listed in Forbes, people who
never show off their real wealth, and managers from Chinese private or
foreign owned enterprises.
Billionaires from cities like Yiwu, Wenzhou, and Ningbo, in Zhejiang
Province enjoy collecting expensive limousines. They are not social
celebrities, but they can allocate large sum of money. Some 80% of trade
volume of the Top Marques last year were contributed by these people. A
staff assistant from the exhibition says these billionaires are
frequenters of the Top Marques.
(For more biz stories, please visit Industry Updates)
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