The surge of luxury spending in China has tipped economists to the growing influence of the nation’s monetary importance. That point was underscored when it was revealed that China has surpassed Japan as the world’s second-largest economy – capping a three-decade rise from an antiquated communist nation to one of the world’s economic superpower.
The news came when the Japanese Cabinet Office announced that Japan’s gross domestic product for the second quarter totaled $1.288 trillion, less than China’s $1.337 trillion.
Luxury brands have been flocking to China over the past few years, as new money fuels a spending boom. From fashion to autos, luxury brands are flourishing and an untapped market offers unsurpassed growth potential.