The super wealthy in China have been getting a lot of press lately over whether they will cough any of those billions up for the greater good. But where do they spend their money when/if they aren’t donating it? Luxury brands. From cars to watches to cologne, the super wealthy in China definitely have a taste for the super luxury. And where better to focus that taste than on their children?
Designer labels such as Gucci, Fendi, and Stella McCartney have all recently released luxury children’s collections in an attempt capitalize on parent’s penchant to show their wealth through their children. It should come as no surprise that China is seen as a main target market for these new lines, where China’s little emperors get the sole attention of parents and grandparents. And the i-baby High-end Children’s Industry Global Summit held in Shanghai recently announced the official debut of the high-end kids’ demographic into the family of Chinese consumers.
Last year China surpassed America to become the world’s second largest luxury market (Japan remains at number one.) The Chinese spent almost $10 billion on luxury items in 2009, which is over 25% of the global market. Chinese favorite luxury brands include the likes of Armani, Louis Vuitton, Patek Philippe, Cartier, and Bentley (one report claims that 1 in every 10 Bentleys is now sold on the Chinese mainland.) And let’s not forget their more bizarre spending habits.
Clothing toddlers in designer brands will certainly teach rich kids some very influential spending habits for the future from a young age (and we mean really young.) In a society where hating on the rich is like a favorite past time, let’s just hope watching toddlers prance around in Armani doesn’t spur too harsh a backlash.