Luxury Brands Still Strong in China

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SHANGHAI ( -- McKinsey & Co. forecasts that by 2015 China will rank fourth in the world by number of wealthy households, with a total of 4.4 million. Right now about 80% of wealthy Chinese are aged 18 to 45, compared to 30% in that age group in the U.S.

In a recent survey by Ruder Finn, 50.3% of consumers in Greater China say they will not let the global economic downturn affect their purchase of luxury goods. They also appear to be remarkably loyal, with 89.3% of respondents saying they will stick to their preferred luxury brand despite the crisis, with Louis Vuitton and Cartier being two of their favorites.

Sources: McKinsey & Co., Ruder Finn, Harvard Business Review

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