Chinese buy into luxury living

June 26, 2008

Chinese shoppers have caught the luxury bug. But unlike many Brits, rather than going into debt to get the look, they are saving up before they splash out. In fact, latest research from MINTEL shows that the number one spending priority for the Chinese is savings and investments, with 61% of adults looking to do this. When compared to the fact that only 11% of Brits put saving as a priority, it is clear just how committed the Chinese are to putting money away. ” in China there is no real culture of borrowing other than for buying cars and houses and credit cards are still only rarely used. So while the British have borrowed to spend for many years, the Chinese clearly still want to save to spend,” explains Richard Perks, Director of Retail Research at MINTEL.

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