Global trends are lending an ear to the sizzle emanating from Asia’s booming stock markets. China alone has left its brief economic crisis in a heap of hissing ash that will soon blow away leaving clear skies open to take flight in a blazoned fleet of custom G550s. The CLSA Asia-Pacific Markets, an investment research group, declared that in less than ten years China will be the largest luxury market in the world. Top high-end retailers such as Hermès and Louis-Vuitton have reveled in substantial growth in revenues in Asian countries such as Japan, South Korea, and of course China. With gross salary increases and a pining to parade new fortune and increase social statuses, this constant mega-market is well on its way to achieving those estimates.
TO RUSSIA WITH LUXE
Although China claims more experienced spenders, bold Russian millionaires are spreading their wings and their wealth in all areas of the luxury market. Designer boutiques, Bentleys, and Blahniks are flooding Moscow’s streets proving a positive fluctuation and uncanny fearlessness to spend money. Russian mogul Yuri Milner, who heads Digital Sky Technologies, shed $100 million for a sprawling 25,500-square-foot Los Altos Hills, CA home that was not even on the market for sale. According to Reuters, a full Russian renaissance will depend staunchly on the price of oil. In that same article, Matthew Stephenson, managing director of auction house Christie’s in Russia, was quoted saying, “We are still seeing some uncertainty, but obviously commodities markets are returning, the price of oil is increasing, and it gives confidence.”