The luxury retailers are always keeping track of emerging luxury market which provides the greatest demand for their luxury brands. In the recent years the Asian economies have raced ahead of their Western counterparts. It has resulted in dramatic increase in disposable incomes and a large number of luxury consumers being added to the luxury market.
These are the findings of the latest survey by real estate consultancy CB Richard Ellis. Hong Kong, Singapore, Tokyo and Beijing have emerged as some of the top ten destination cities worldwide for luxury retailers.
The luxury brands, without any exception are focusing on the Asian luxury market. Some players might downplay its importance by calling it an affordable luxury market but there is no doubting the fact that it is the region that is generating the volumes for a healthy bottom line of the luxury brands. All of them opening stores in multiple locations in the region and developing flagship stores. Hong Kong ranked the highest and was declared the most popular destination worldwide. Singapore and Tokyo ranked the seventh and eighth respectively in the top ten list.
Beijing has barely managed to find a place in the top ten list by occupying the tenth spot. But it is simply a matter of time before Beijing along with Shanghai moves up the ladder to occupy higher positions in the luxury market. American and European retailers are all heading to Asian destination to cash in on the increasing demand. The potential of these markets is still huge and the trend is bound to continue for some years in the future. This survey by CB Richard Ellis is an annual affair and is in its fourth year already. This year their survey covered 323 of the world’s top retailers across more than 200 cities. The participants came from diverse sectors like luxury and fashion brands, supermarkets, coffee and restaurants.