Thirty-three percent of all the money spent on personal luxury goods last year was spent by Chinese buyers. And that number is going up fast. Bain & Company released a report recently, saying that by the year 2025, it's expected that nearly half of all the money spent on these goods will be spent by people from China.
Chinese buyers are already spending a lot more on personal luxury goods than American shoppers now. Because even though the Chinese economy isn't quite as big or advanced as the U.S. economy, China has almost four times as many people as the U.S. And as the Chinese middle class has grown in the last few decades, so has its purchasing power.
That has had an enormous impact on the luxury goods market. Aimee Keane of the Financial Times joins us today to tell us how.
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