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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