China's luxury market

Luxury is recession-proof, says CLSA

Even a slowdown in economic growth will not dent China's appetite for luxury goods, according to CLSA's Aaron Fischer.
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Prada was among the first high-profile foreign companies to list in Hong Kong (AFP)
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<div style="text-align: left;"> Prada was among the first high-profile foreign companies to list in Hong Kong (AFP) </div>

CLSA Asia Pacific Markets expects that the global luxury goods market will grow by 8% during 2012, largely driven by robust demand in Greater China, which is expected to grow by 25% during the year.

“We think that the demand for luxury goods in China and Asia is driven by the rise of the middle class, and that is a structural story,” Aaron Fischer, Asia-Pacific head of consumer and gaming research at CLSA, told FinanceAsia in a telephone interview last week.

This powerful driver for demand will likely continue for another five to 10 years, he added.

“We don’t really believe...

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