
Here’s a report I read recently:
There’s a 20% increase in the spending on luxury items for children among Chinese parents this year compared to the last. They spend more than 3,000 yuan (USD $471) a month to pamper their children with elite brand items (i.e. Gucci Kids, Burberry Children, Baby Dior, Armani Junior).
It gets even more interesting: It’s estimated that the amount is going to hit 8,000 yuan (USD $1,255) per year by end of 2013 regardless of the income of the family. Given the current average income of China is at 21,800 yuan a year, the spending on luxury items is going to touch 36.7% of the income.
Oh boy, more than a third goes to luxury clothes and toys. [Read more…]